Oil prices are waiting for the miracle today

Oil prices remain at zero

In brief: Oil on the stock exchanges continues to cheapen for the forth trading day in a row.

Prices for Brent and Light Sweet oil futures remain practically unchanged over the past few hours, staying in the same range in which they were established about three hours earlier. Oil prices futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (August) – 74.56 (-1.07) in the range of quotations 74,21-75,40; – IPE Brent Crude (August) – 73.91 (-1.10) in the range of quotations 73,56-74,65.

Oil on the stock exchanges today continues to cheapen for the forth trading day in a row despite the fact that the U.S. dollar in the FOREX fell noticeably against the euro and that should facilitate the purchase of oil. Negative dynamics of prices for transactions in oil futures is caused by the strengthening of fears about the possible decline in fuel demand all over the world because of the slowing economical growth in China. Thus, by the end of June the Chinese index of industrial activity PMI fell to 52.1 points versus 53.9 points in May. The index has dropped more dramatically than expected by experts, who predicted its decline to 53.1 points mark earlier. Oil futures Brent and Light Sweet have fallen in price since the beginning of the day for more than $ 1 per barrel, followed by the oil quotations, which fell to their lowest value since June 11. During the three previous trading days oil prices on the stock exchanges fell more than 4% including the official prices that remained at their two-week minimum for the past two days, still holding abovethe level of $ 75 per barrel.

Olga Bespalova
2010-07-01 15:25, Economics.

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