Oil prices are climbing to the strategic mark today

Oil prices today: demand exceeds supply

In brief: Oil prices continue to rise against a background of increased investor interest in commodity markets.

The Independence Day was unable to prevent the oil prices rise. Oil prices are rising, but growth is constrained by fears of slowdown in the world’s leading economies and reduce demand for fuel. Prices for U.S. light crude rose $ 0.11 to $ 72.25 a barrel, while Brent added $ 0.32 to $ 71.97.

“Prices hit upon a bottom of about $ 70, now has to be a quiet day – said Commerzbank analyst Carsten Fritsch. – Follow the direction of prices largely depends on the stock market and economic forecasts: long as the economic pessimism that prices will remain at the lower boundary of the range of $ 70-80. Last week, oil prices are declining every day, losing to the end of the week 8.5 per cent. The bank Barclays Capital, long anticipated price increases, reduced forecasts for this and future years, given the stable low economic performance. However, his predictions are still above the current prices. In the Gulf of Mexico oil company recover after the passage of Hurricane Alex, and in the Caribbean once again have a 30 percent chance of a tropical cyclone in the next two days. According to forecasts of U.S. weather forecasters, the cyclone may take the same path as Hurricane Alex, bypassed major oil-producing capacity in the Gulf of Mexico.

Ukrainian Globalist
2010-07-05 12:52, Commodities.

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