Oil prices are falling fast today

Oil prices tend to minimize

In brief: The stabilization of commodity markets was abolished deteriorating economic situation in the euro area. Oil prices drop amid falling demand for black gold.

Oil prices go into the red zone at the auction commodity markets. A significant decrease in demand is due to concerns buyers situation in the euro area. Oil futures Brent and Light Sweet have fallen in price since the beginning of the day more than $ 1 per barrel. At the moment the price of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (July) – 76.77 (-1.0557) in the range of quotations 76,53-77,84; – IPE Brent Crude (August) – 77.80 (-1.02) in the range of quotations 77,56-78,82.

Oil futures Brent and Light Sweet today traded in negative zone. Negative dynamics in the prices of the deals today due to technical selling oil futures, while maintaining a stable position of the U.S. dollar on world currency markets. Note, by the end of last week, prices for oil futures rose on average by 4,9%, and the eve of oil on the stock exchanges have gone up in price approximately by 0,9%. The prices for oil futures reached a maximum value of more than six weeks. At forex dollar today, rising against the euro and British pound, which further contributes to the elimination of long positions on oil futures. Meanwhile, participants of the market today, in contrast to the previous day, no longer expect a significant increase in oil imports by China, after the Bank of China will begin to quote the yuan relative to the basket of leading currencies. Meanwhile, experts from Goldman Sachs lowered the eve made in early June, its own price forecasts for oil in the next three months. Thus, the Brent oil price forecast was lowered to 85.5 dollars per barrel. against 94.5 dollars per barrel. and forecast oil price WTI – up to 87 dollars per barrel. against $ 96 per barrel. Futures Light Sweet with delivery in July, today the last day of trading, which additionally reduces the oil quotations because of the transfer activity for transactions on contracts with delivery in August.

Igor Tringlers
2010-06-22 12:38, Commodities.

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