Oil prices today: listless market of past expectations

Oil prices continue slow decline

In brief: Oil continues fall in price on the background of European problems with the depts and constant pressure from the U.S. dollar side.

Demand for oil falls. Prices remain below $ 75 a barrel two weeks in a row. On the oil market remains sluggish growing momentum – analysts say. Recently, players gradually pick up the most depreciating securities and futures commodity markets. Demand in the U.S. jumped by 8 percent over the past four weeks, the government reported on Thursday.

The use of distillates rose by 17 percent, as transportation and industry increased consumption. Reserves of oil and gasoline fell last week. During the Asian trading session of July futures for U.S. light crude lost $ 0.27 to $ 74.34 per barrel. Yesterday, they rose to 2.4 percent, closing at $ 74.61 a barrel, the highest closing level since May 12. Futures Brent crude fell $ 0.18 to $ 75.23. A limited rise in prices for raw materials also contributes to the expectations of the beginning of hurricane season in the Atlantic, which may be the most intense since 2005, when hurricanes Katrina and Rita severely damaged the oil and petrochemical industry in the USA. National Oceanographic and Atmospheric Administration expects that during the season, which began June 1, arise from 14 to 23 named storms, 8-14 of which will turn into hurricanes.

Anrey Torbinski
2010-06-04 09:36, Commodities.

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