Oil prices: Forecast 2010

Oil prices fail to stabilize in 2010

In brief: Oil prices continue a permanent downward spiral. Falling oil prices will continue until the end of 2010.

2010 will not be good for oil. Oil prices could fall on Friday even stronger, but the support of the oil market has had a positive makrostatistika in the United States, notes senior analyst “Zerich Capital Management Victor Markov. As recalled by the expert, the price of oil and oil products on the basis of trades fell. At the InterContinental Exchange Futures in London, the price of futures Brent crude for delivery in July was $ 69.55 (- $ 1.62) per barrel. On the New York Mercantile Exchange in New York the price of oil varieties Light Sweet Crude for delivery in July was $ 68.75 (- $ 1.46) per barrel.

“The reason for the concern of market participants began to report the American Petroleum Institute. According to specialists of the institute, oil reserves in the U.S. during the week rose to 0.616 million barrels. Analysts expect a rise in stocks at 0.2 million barrels. Inventories of gasoline fell by 3.2 million barrels. Experts predicted a reduction of 0.2 million barrels. Inventories of distillates rose 1.5 million barrels. Experts do not expect changes in inventories. Today, there are data on stocks of the Ministry of Energy United States “- comments mr. Markov. According to him, oil prices have fallen “below an important support level of $ 70 per barrel, and during the bidding prices reached $ 67. “Oil could fall even more, but support for the oil market has had a positive makrostatistika in the U.S.. The index of consumer confidence in May rose to 63.3 at 57.9 a month earlier. Expectations were at level 59. Euro up to yesterday’s trades increased slightly and trying to consolidate at $ 1,22-1,23. In the case of stabilization of the situation with the Euro oil market may consolidate at current levels “, – analysts say.

Ukrainian Globalist
2010-05-30 16:26, Commodities.

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