Oil prices continue to fall in Japan today

Oil prices are going down today

In brief: Oil prices could not hold positions in the auction in Asia. Decline in oil prices continues because of insufficient demand.

Prices for oil futures Middle East Crude Oil for Tokiyskoy Commodity Exchange (TOCOM) today decreased by 0,7%. As a result of trading on June 1 at TOCOM official price of the most active futures transaction (October) amounted to 43.170 (-0.290) thousand yen per kl (about 75.62 dollars per barrel).

Active contract price established in “contango” about the contract price Middle East Crude Oil for the current calendar month, which now amounted to 42.050 (-0.410) thousand yen / kl (about 73.66 dollars per barrel.). Middle East Crude Oil, presented a mixture of oil grades Dubai and Oman, is considered a benchmark price for the oil market in the region of the Middle East. On TOCOM futures Middle East Crude Oil traded since September 2001. The contract is a settlement – physical delivery of oil futures is not provided. Closure of the positions by the end of the calendar month with the calculation of variation margin, based on the average monthly price of oil mixture Middle East Crude Oil, which determines the agency Platts.

Ukrainian Globalist
2010-06-01 08:23, Economics.

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One comment к “Oil prices continue to fall in Japan today”

  1. Guava Says:

    Crude oil fell as the euro erased gains against the dollar and equity markets dropped amid concerns about the strength of the global economic recovery.

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