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23.09.2014 15:41

Oil: an overview of the market situation

Brent prices fell moderately, being at the same time near two-year low, while WTI oil prices have increased markedly. Market participants are watching the situation in Libya and Iraq, as well as assess the current data for China.

As it became known, preliminary index of purchasing managers (PMI), published by HSBC, in September amounted to 50.5 points against 50.2 in August. This value was higher than the average forecast of experts at the level of 50 points.

"Data on the PMI market reduced concern that slowing growth will affect demand in China. Today it is the basis for the price increase, "- said the analyst Samsung Futures Inc. Sung Hung Chi. According to the International Energy Agency, this year the share of China will have about 11% of world oil consumption.

However, market participants do not expect a further rise in oil prices. "Although the data for China are pleasantly surprised, the effect is not as large as the market is now more concerned about the proposal, rather than demand," - analyst Landesbank Baden-Wuerttemberg Frank Klump. According to OPEC, the cartel's production countries rose in August to 230 thousand. Barrels per day to 30.34 million barrels, or 0.5 million barrels higher than production in June.

Many investors now expect to report on commercial stocks in the United States for storage the previous week, which will be presented tomorrow. It is expected that crude oil inventories to rise slightly to 750 thousand barrels, distillate 300 thousand, and gasoline consumption will be reduced by 350 thousand. Any deviations from the predictions of 1 million. Barrels and above may be the reason for large-scale movements.

Small effect also had reports that the United States for the first time in conjunction with the five partner countries began air strikes on positions applied group "Islamic State" on Syrian territory. Air strikes are part of the military campaign, the Obama administration has approved nearly two weeks ago and aimed at the "deterioration and, ultimately, the destruction of" militants.

The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) rose to $ 91.59 a barrel on the New York Mercantile Exchange (NYMEX).

November futures price for North Sea Brent crude oil mixture fell $ 0.14 to $ 96.80 a barrel on the London exchange ICE Futures Europe.

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