Oil Prices Go to White Castle today

Oil prices are leveling off today

In brief: The level of support for oil is growing today. Oil prices continued to rally.

Oil prices show moderate growth on the background of positive data from the U.S. stock exchanges, the weakening dollar and data from Australia. While, at 7:35 Moscow time futures WTI rose by 0,88% ($ 0.65 per barrel) to the $ 74.72 per barrel, Brent futures gaining 0.69% ($ 0.51 per barrel) and kept at $ 74.02.

Support to the market has also had something that the Energy Department has confirmed the forecast of growth in oil demand at 1.5 million barrels per day in 2010 and 2011. The Ministry also noted that it had underestimated the amount of oil consumption in 2009, thus the current forecast of growth of demand was higher than the previous.

Anrey Torbinski
2010-07-08 08:34, Commodities.

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