Oil prices are marking and falling

Oil remains the main disappointment of the week

In brief: Oil prices fall in Europe and continuing adverse movement in the U.S.. Investors have huge doubts about the favorable trend in the oil market.

Prices of oil futures in London and New York continued to decline against the backdrop of high volatility on financial markets. Investors take their money out of riskier assets into “safe” – especially in U.S. treasury bonds (Treasuries). Quotes of oil futures for Light Sweet NYMEX Exchange fell today below $ 70 per barrel. Cheaper and Brent, with the spread between Brent and Light Sweet, peaked earlier this month, $ 5, is narrowed. The cost of the mixture in the North London come close to $ 71 per barrel.

As of 16:22 Moscow time the price of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (July) – 69.72 (-1.08) in the range of quotations 69,26-70,73; – IPE Brent Crude (July) – 71.16 (-0.68) in the range of quotations 70,56-71,88. Since early May, when a barrel of U.S. light crude oil was worth $ 87, oil prices fell 20% amid rising concerns about the financial state of the eurozone countries such as Greece, Portugal and Spain. Players of the oil market are worried that the debt problems of the eurozone harm the global demand for energy. Last makrostatistika indicates that the world economy has not recovered from the recession of 2008-2009gg. On the eve came unexpectedly weak data on U.S. labor market: the number of initial applications for unemployment benefit in the U.S. during the week to May 14 rose by 25 thousand – up 471 thousand today Ifo research institute reported that its index of business sentiment in Germany – Europe’s largest economy – in May this year suddenly fell to the April value at 0.1 points – up to 101.5 points.

Anrey Torbinski
2010-05-21 19:52, Commodities.

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