Oil prices are falling fast
Price floor for oil remains ahead
In brief: Oil prices are falling against the refusal of investors to believe in the black gold in the long period of time. Bears prepare for an attack in the area of $ 65 per barrel.Prices for oil futures Brent and Light Sweet continues to decline, while the cost of the main contract on the New York Mercantile Exchange (NYMEX) fell below $ 68 per barrel. On the eve of futures on U.S. light crude on the NYMEX closed at 70.21 dollars per barrel.
As of 16:33 Moscow time the price of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (July) – 67.93 (-2.28) in the range of quotations 67,31-69,91; – IPE Brent Crude (July) – 68.95 (-2.22) in the range of quotations 68,24-70,95. Oil on world markets continues to fall in price in unison with other risky assets such as stocks. European stocks today are retreating en masse: at 16:35 Moscow time, the British FTSE 100 index fell by 2,70%, German DAX – on 2,75%, French CAC 40 – at 3.37%. Futures on stock indexes traded in the U.S. also significant disadvantages, foreshadowing a deep drawdown indices at the opening of regular trading. Continuing trend towards a narrowing spread between Brent and quotations Light Sweet. In early May, Brent was trading at $ 5 higher than the Light Sweet, but now the gap in favor of a mixture of North Sea decreased to $ 1. Today at 16:30 EDT (0:30 Moscow time) will be published record American Petroleum Institute (API) on a week’s supply of crude oil and petroleum products in the United States. The day will be followed by a formal report on oil reserves, U.S. Department of Energy. Analysts polled by Thomson Reuters, predicting that commercial stocks of oil for the week ended May 21 decreased slightly – by 100 thousand barrels.
Anrey Torbinski2010-05-25 19:44, Commodities.
News on: American Petroleum Institute, API, Brent Crude (July), Brent Sweet, CAC 40, crude oil, DAX 30, FTSE 100, IPE, Light Sweet, Moscow, North Sea, oil, oil futures, oil futures transactions, Oil prices, Oil reserves, petroleum products, Thomson Reuters, U.S. Department of Energy, United States, USD