Oil prices tomorrow: you can not rely on forecasts

Oil prices continue to reflect the mixed dynamics of markets

In brief: Oil prices remain unpredictable in the background of European debt crisis and market instability.

Oil prices are subject to a mixed trend. Quotes of the oil market in the following trades were closed with an increase in the price on the background of positive economic news and data. On the New York Stock Exchange New York Mercantile Exchange price of July futures for petroleum of mark Light Sweet rose by 1.75, or 2.4%, and its price was 74.61 dollars per barrel.

At the exchange InterContinental Exchange Futures Europe in London, Brent crude futures price rose 1.66, or 2.3%, to 75.41 dollars per barrel. Quotes on the market of “black gold” were closed with an increase in the price of the following factors: 1 – Economic data – oil futures have traded with the increase in the early session on Thursday after the U.S. Department of Energy reported that oil and gasoline declined even more steeply than expected. It says that this summer may be possible to avoid the formation of excess fuel. According to the published report, U.S. crude oil stocks in the week of 22-28 May unexpectedly fell by 1.9 million barrels, gasoline supplies fell by 2.6 million barrels, distillate stocks rose 0.5 million barrels, while the load factor refineries amounted to 87.5%; 2 – the moratorium on offshore drilling – one more reason for the growth made by the news that a federal moratorium on issuing new licenses for offshore drilling of oil in the U.S. will be distributed at the shallow oil production. A moratorium on deep-sea oil drilling was announced last week. Currently, the ban will have no appreciable effect on oil production, but can reduce the oil and gas production by about 350,000 by 2015. From the news it is worth noting that the Ministry of Economic Development has adjusted forecast the average price for Urals oil for the next three years: the forecast for 2011 is lowered to 75 dollars per barrel (previously forecasted $ 76) for 2012 increased to 79 to 78 dollars per barrel, in 2013 unchanged at $ 79 per barrel. These figures are contained in the main parameters of socio-economic development of Russia in 2011-2013, made by Ministry of Economic Development in the government. Proceeding from the basic version of the scenario conditions and the basic parameters of the forecast GDP growth in 2011 will be slightly lower than in the prerelease version of the document – 3.4% versus 3.5%.

Ukrainian Globalist
2010-06-06 21:07, Economics.

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