FX & CFD trading involves significant risk
The price of oil continued to fall today, again dropping below $ 69 per barrel (Brent) and $ 66 per barrel (WTI), which is associated with yesterday's decision of Saudi Arabia to lower their selling prices in the US and Asia to its lowest level in 14 years. Attempted a move seen as reinforcing the fight for market share of the kingdom with cheaper US shale oil. "The market reacts to news of Saudi Arabia. We have yet to see how it will respond to competitors, "- said the expert Mizuho Securities Bob Yeager.
The battle for market share is likely to worsen in the next year, when Iraq begins to export more oil Iraqi Kurdistan in the recently concluded agreement. However, analysts believe that oil prices will jump in the next two years, when the market stabilizes from steep losses. Experts estimate Reuters, in 2015 futures price for Brent could reach 82.50 dollars per barrel.
Little support prices today have strong data on US labor market, which showed that the number of jobs increased in November by 321 thousand. After a revised growth of 243 thousand. A month earlier. Increase was the highest since January 2012. Experts forecast growth rate to 225 thousand. With previously announced 214 thousand. Meanwhile, the unemployment rate remained at 5.8%, as expected. Stable growth of jobs in the US economy, raising incomes and domestic demand is likely to continue in the near term. Share of the population in the labor force in November remained at 62.8%. Average hourly earnings in the US last month increased by 0.4% compared to October, to $ 24.66, and 2.1% in annual terms. The average workweek in October rose by 6 minutes and 34.6 hours.
In addition, a report on oil reserves in the United States, published yesterday, put pressure on prices. EIA data reflected the growth in production at 9.08 million. For the week of November 28, which is the highest rate since January 1983.
Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) dropped to 65.56 dollars per barrel on the New York Mercantile Exchange.
January futures price for North Sea Brent crude oil mix fell $ 0.60, to $ 68.86 a barrel on the London Stock Exchange ICE Futures Europe.
|remaining time till the new event being published|
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.