Oil prices continue to rise slowly today

Oil prices could rise by the end of the day

In brief: Oil prices remain under pressure to reduce the demand for black gold in Europe. The level of support from the bull is mean.

Oil prices remained stable today. The factor that prevents the oil price rise, is the threat of falling demand in the euro area. Quotes of the oil market on Monday 21 June on the basis of trades were closed with an increase in value against the release of positive news about the yuan from the central bank of China.

Quotes of the oil market on Monday 21 June on the basis of trades were closed with an increase in value against the release of positive news about the yuan from the central bank of China. On the New York Stock Exchange New York Mercantile Exchange price of July futures for petroleum of mark Light Sweet rose by 0.64, or 0.8%, and its price was 77.82 dollars per barrel. At the exchange InterContinental Exchange Futures Europe in London, Brent crude futures price rose 0.60, or 0.8%, to 78.82 dollars per barrel. On Monday, June 21 quotes on the market of “black gold” were closed with an increase in the price of the following factors: 1 – Economic News – China’s central bank said last weekend that refuses to actually pegging the Yuan to the dollar and allow its exchange rate become more flexible. This statement was interpreted by many as a signal that China will gradually increase the yuan versus the dollar. Investors felt that such a move will support commodity prices, because a stronger yuan would allow China, which ranks among the world’s largest consumer of raw materials, buying it in larger amounts. Details, however, was not enough, and it is not clear how and when China will allow the yuan to strengthen and make whether he is generally 2 – positive dynamics of stock exchanges has also supported oil futures, despite the fact that later in the session the major U.S. stock indexes lost part of the conquered positions (Dow Jones industrial average – 10442.41 (-8.23, or -0.08%), Nasdaq Composite – 2289.09 (-20.71, or -0.90%), S & P 500 – 1113.20 (-4.31 or -0.39%).

From the news it is worth noting that the export duty on oil from 1 July 2010 could reach 248.8 dollars per ton. According to the monitoring of the Ministry of Finance for the period from 15 May to 14 June 2010 the average price for Urals oil amounted to 71.28356 per barrel. So , the rate of export duty could reach 248.8 dollars per ton. In this case the export duty on light oil could reach U.S. $ 179.9 per ton, on dark – 96.9 dollars per ton. Recall the rate of export duty on crude oil in Russia in June 1, 2010 amounts to 292.1 dollars per ton. The export duty on light oil products is 209.1 dollars per ton, and heavy oil – 112.7 dollars per tonne. The main event of today’s trading session is out of data on oil and oil products from the U.S. Institute of Petroleum. Market participants expect to reduce stockpiles of crude oil, but at the same time, growth stocks of distillates and gasoline. The number of distillates include heating oil and diesel fuel. Many analysts expect “extremely difficult environment” for future trade, the prices will fluctuate within the area of 70-90 dollars per barrel for a long time in the coming months in response to the intraday changes in the stock and currency markets, and the situation in the euro area will probably have some marginal impact.

Anrey Torbinski
2010-06-22 11:34, Commodities.

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