Oil prices are looking for support

Oil prices remain volatile

In brief: The price of oil today can not find the right platform for the beginning of growth, falling oil prices to some extent stopped.

Oil futures Brent and Light Sweet today traded in the various vectors after the previous day on the NYMEX crude oil prices dropped by 0,6% – to 76.37 dollars per barrel. against a background of doubt about the stabilization mechanism of the EU the volume of nearly 1 trillion dollars.

At this moment the price of oil futures transactions were ($ / bbl.): Light, Sweet Crude Oil (June) – 76.29 (-0.08) in the range of quotations 75,42-76,72 ; IPE Brent Crude (June) – 80.95 (0.46) with a range of quotations 79,93-81,25. Transactions on oil futures today were not committed too active: traders took a brief pause to assess the impact of recent decisions of the European Union on the situation on the currency market. On the last weekend, European leaders agreed to establish a special mechanism at a rate of up to 750 billion euros to stabilize the Euro-zone’s economy and troubled. Following this decision, the euro rebounded slightly from the 14-month low of 1.25 dollars, reached last week, but remains below the 1.27 dollars a weakening of the euro against the dollar, as a rule, affects the market value of “black gold.

The dynamics of oil quotes today also affect published on the eve of the data on oil reserves in the U.S. from the American Petroleum Institute (American Petroleum Institute, API). According to API, commercial oil reserves in the U.S. during the week to May 7, have grown by 5.3 million barrels., Given that analysts had expected growth of 1 million barrels. Tonight will be published weekly data on oil reserves in the U.S. from the Ministry of Energy of the country.

Ukrainian Globalist
2010-05-12 12:03, Economics.

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