Oil prices have surprised a bear pack

Oil prices gradually rebuild the position

In brief: Oil overcame fear and repulsed by bears the palm. Prices for black gold, rising on the short time interval.

Oil prices on world markets continue to grow after 5-day fall. Over the previous two weeks, prices for “black gold” fell by nearly 20% amid fears that the Greek debt crisis may prevent the restoration of the global economy. Quotations of futures on U.S. light crude oil (Light Sweet) in New York handled today in a mark in $ 72 per barrel.

North Sea Brent crude in London has risen to more than 76 dollars per barrel. Analysts say that the way the oil market reacts to the decline in prices during the previous trading sessions, which in turn was a response to developments in financial markets. As of 17:08 the price of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (June) – 71.83 (1.75) with a range of quotations 70,30-72, 1949; – ICE Brent Crude (July) – 75.88 (0.78) with a range of quotations 75,52-76,6. Traders are waiting for publication of weekly data on commercial reserves of oil and petroleum products in the United States. Today at 16:30 EDT will be published the report of the American Petroleum Institute (American Petroleum Institute, or API) for oil and petroleum products in the country during the week of May 14. The following day, official figures present U.S. Department of Energy. Analysts expect that oil rose for the week by 900 thousand barrels. With regard to projections, in the opinion of most analysts, in the coming weeks on the market of oil futures once again manifested its appetite for risk. At the same time, experts say the situation in the oil market will depend on the demand for “black gold” that so far this year have grown steadily mainly due to the emerging economies of China and India. Members of the oil market have great hopes that in the second half of the demand will grow in the U.S. due to the restoration of the American economy.

Anrey Torbinski
2010-05-18 14:32, Economics.

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