Oil prices began a successful rally today

Oil prices are rising today on the background of bullish trend

In brief: Partial recovery of stock markets gave the bulls a chance to play in raising oil price today.

Oil prices continued to recover, a bullish trend has swept commodity markets. Prices for petroleum futures Brent and Light Sweet today recovered after four days of declines. However, the price of oil since the beginning of the day so far has not significantly changed after the day before they fell to their three-week minimum. Analitki await further increase oil prices.

Prices of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (August) – 72.97 (0.02) with a range of quotations 72,65-73,38; – IPE Brent Crude ( August) – 72.56 (0.22) with a range of quotations 71,75-72,83. Positive changes in the prices of the deals today, mainly due to technical purchases of oil futures. Over the past four trading days, oil prices fell more than 7%, including the day before – on 3,5%, providing a technically attractive environment for shopping. Purchases of oil futures today further promoted by the cheap dollar. On the eve of the dollar has fallen in price considerably against the euro and other currencies, as an indicator of the market forex, reflecting changes in U.S. dollar concerning “basket” of six leading world currencies, Dollar Index (spot) fell by 1.5% and for the first time in seven weeks established below 85 points . Today the dollar at the forex market has not improved, which allows speculators to buy oil futures and other commodity assets whose prices are set in U.S. currency. The market shares of Pacific Rim countries a strong influence on the oil market today are not provided. In Europe, stock indexes are also rising, but rather weak. In the future, influence the course of trading may have macroeconomic statistics from the U.S., where there will be published unemployment figures for June and data on industrial production in the country. At the same time, the upcoming three-day weekend in the U.S. several restrains the activity of market participants, limiting the growth of oil prices. It should be recalled, that Americans celebrate Independence Day, so on July 5 in the U.S. will be a working day, and trading on the NYMEX will not be undertaken.

Ukrainian Globalist
2010-07-02 14:13, Commodities.

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