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Oil has risen moderately today, due to the escalation of tensions in Ukraine. However, prices are still on the way to the monthly fall, as an ample supply and weak demand outweighs political problems. In August, both brands fell more than 3%.
Analysts believe that the market will support the deterioration of the situation in Ukraine. President of Ukraine Petro Poroshenko accused Russia of supporting separatists counteroffensive in the south-east of the country; the leaders of Germany, Britain, France and Italy after NATO also called Russia guilty of escalating military conflict and threatened new sanctions.
"If tensions increase, in the price of oil is likely to be laid small margin" - the analyst said OptionsXpress in Sydney Ben Le Brun.
Little impact on the course of today's trading had American data. The final results of studies presented Thomson-Reuters and the Institute of Michigan, in August of American consumers feel more optimistic about the economy than had been recorded in the last month. According to the data, in August, the final index of consumer sentiment rose to 82.5 compared with a final reading in July at 81.8 and the initial estimate for August at around 79.2. It is worth noting that, according to the average estimates of experts, the index was down compared with the July to reach a value of 80.4. Meanwhile, another report showed:
seasonally adjusted purchasing managers' index for August Chicago rose to 64.3 against 52.6 in July. According to the average forecasts of experts, the value of this indicator was to rise to the level of 56.3.
Positive dynamics is also due to expectations of maintaining stable global energy demand. The market continues to have a strong and published on the eve of macroeconomic statistics for the United States, primarily in the American GDP for the II quarter of 2014. Increased demand for WTI crude oil today is due to additional upcoming September 1 absence of the trading session on the NYMEX in connection with a holiday day off in the United States. Recall, September 1, in the United States will celebrate Labor Day a federal holiday. For oil traders this holiday traditionally marks the end of the summer driving season and a noticeable decline in demand for gasoline and diesel fuel.
The cost of the October futures on American light crude oil WTI (Light Sweet Crude Oil) to the present moment has increased to $ 95.09 per barrel on the New York Mercantile Exchange (NYMEX).
October futures price for North Sea Brent crude oil mixture rose $ 0.20 to $ 102.73 a barrel on the London exchange ICE Futures Europe.
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