Oil prices have failed to break the record today

Demand growing inflated oil prices today

In brief: Oil prices began to rise with the overall recovery of commodity markets. Crude oil futures are in high demand today.

Oil prices are rising fast enough, that was a surprise to the bears today. Brent oil price at today’s auction could not reach 14 cents to a mark 80 dollars / barrel. Thus, the maximum price the deal on Brent futures today was 79.86 dollars per barrel. – The highest quotation from 14 May this year Meanwhile, the growth of quotations Light Sweet yet confined mark of $ 78.87 per barrel. – Also a maximum of five weeks.

At the current time the price of the deals with the oil contracts were ($ / bbl.): – IPE Brent Crude (August) – 79.53 (1.31) with a range of quotations 78,49-79,86; – Light, Sweet Crude Oil (July) – 78.38 (1.20) with a range of quotations 77,33-78,87. Oil futures Brent and Light Sweet traded since the beginning of the day in positive zone. However, after the noon interest in buying a few weak, due to changes in the situation on the currency market. So, now the dollar has managed to stabilize its position in the forex market, which did not allow to continue active buying of oil futures.

Recall, this morning the dollar significantly depreciated against the euro and other currencies, providing conditions for the growth of prices on oil futures. The weakening position of the U.S. dollar was caused by news of the plans of the Central Bank of China to abandon the binding currency to the U.S. dollar and make the yuan more flexible, and tied it to a basket of leading world currencies.

Anrey Torbinski
2010-06-21 14:45, Commodities.

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