Oil prices tend to minus

Oil prices fall on the background of lack of demand

In brief: Oil begins to fall in price. Oil prices go into negative territory due to the negative data of European economic statistics.

Oil prices have not been able to maintain a positive trend. Oil futures Brent and Light Sweet traded in negative zone below 73 dollars per barrel. At the moment the price of oil futures transactions were ($ / bbl.): Light, Sweet Crude Oil (July) – 72.36 (-0.22) with the range of quotations 71,76-72,94; IPE Brent Crude (July) – 72.60 (-0.11) in the range of quotations 72,06-73,10.

Negative dynamics became due to expectations of the weekly increase in U.S. petroleum reserves and preserving a stable position of the U.S. dollar on world currency markets. Dollar since the beginning of the day slowly growing against the euro and other currencies, thereby hampering buying oil futures. Meanwhile, industry experts predict that, as at 28 May gasoline inventories in the U.S. could rise for the week by 700-800 thousand barrels. And heavy distillates stocks – at 900-950 thousand barrels. At the same time, commercial stocks of crude oil in the country, according to industry experts, could decline for the week by 1,0-1,1 million barrels. The leading stock indexes Asian-Pacific region have shown mixed dynamics today to have on the oil market neutral effect. Thus, the main stock index, China Shanghai Composite rose today to 0.12%, while the main stock index, Japan’s Nikkei fell 1.12%. Note, the official information of the Ministry of Energy for oil reserves and petroleum products in the country comes out this week delayed a day. Since May 31 in the U.S. was a working day, the report of the Chief of the energy departments of the country, which is published weekly on Wednesdays, will be presented on Thursday, – June 3, at 18:30 Moscow time. On the same day, but at 0:30 Moscow time, a report on stocks of petroleum and petroleum products in the U.S. will also present and independent experts from the American Petroleum Institute. Oil on the stock exchanges in New York and in London on the eve of much cheaper. Prices of oil futures on the basis of trading on June 1 fell to its lowest level in four trading days, setting it below 73 dollars per barrel.

Ukrainian Globalist
2010-06-02 11:28, Commodities.

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One comment к “Oil prices tend to minus”

  1. Guava Says:

    I think Crude Oil gain in New York on signs that the economic recovery is accelerating in the U.S.

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