Oil prices fell to a minimum today

Oil prices have gone down on a sloping

In brief: Oil prices continue to decline against the backdrop of the collapse in equity markets the U.S. and Europe. Demand for oil continues to fall.

Oil prices fell today. Quotes of the oil market on Monday 28 June on the basis of bidding closed with a decrease in price in light of weakening demand for crude oil and refined products amid fears of a mature storm in the Gulf of Mexico. On the New York Stock Exchange New York Mercantile Exchange price of July futures for petroleum of mark Light Sweet fell by 0.61, or 0.8%, and its price was 78.25 dollars per barrel.

At the exchange InterContinental Exchange Futures Europe in London, Brent crude futures price fell 0.53, or 0.7%, to 77.59 dollars per barrel. On Monday, June 28 quotes on the market of “black gold” closed with a decrease in the price of the following factors: 1 – a seasonal factor – Monday, oil prices fell as forecasts showed that the tropical storm Alex, probably without touching the basic units of production and refining in the Gulf of Mexico. Oil companies in the region have begun preliminary evacuation and shutdown of some of its drilling platforms. In general, it is not anticipated that this would influence the production of oil in the Gulf, where the extracted about 1.6 million barrels of oil per day. While investors continue to monitor the changes in forecasts are unlikely to become a tropical storm Alex for the energy industry a serious threat; 2 – the strengthening of the dollar on the Forex market to a basket of world currencies has diminished the attractiveness of the raw material – oil – for investors, which was negative for oil quotations (oil prices tend to move in the opposite direction from the U.S. dollar, as strengthening U.S. currency makes oil more expensive for holders of other currencies); 3 – negative dynamics of stock exchanges, where the major U.S. stock indexes closed in the red zone against a background of economic news and data, put additional pressure on oil futures (Dow Jones industrial average – 10138.52 [-5.29, or -0.05%], Nasdaq Composite – 2220.65 [-2.83, or -0.13%], S & P 500 – 1074.57 [-2.19, or -0.20%]).

From the news it is worth noting that the Government of Russia increased oil export forecast for 2010 by 3% – up to 125 million tons originally pledged index 121.3 million tons. This forecast of oil export to foreign countries increased by 5.3% – up to 116 million tonnes with 110.2 million tons to CIS countries decreased by 19% – up to 9 million tons from the originally pledged index 11.1 million tons. According to the Federal Customs Service, the volume of exports of petroleum products in 2009 from Russia has increased in comparison with 2008 at 4.29% – up to 120,576 million tons. Revenues from exports of oil products in 2009 decreased by 1.7 times – up to 46,795 billion dollars. The income from the export of oil products in foreign countries decreased by 1.6 times – up to 44.7 billion dollars in the CIS countries – by 2.7 times to 2.08 billion dollars. The main event of today’s trading session is out of data on oil and oil products from the U.S. Institute of Petroleum. Market participants expect to reduce stockpiles of crude oil and gasoline, but at the same time, expect growth stocks of distillates. Among distillates include heating oil and diesel fuel. Many analysts expect “extremely difficult environment for trade in the future, prices will fluctuate within the area of 70-90 dollars per barrel for a long time in coming months in response to the intraday changes in the stock and currency markets, and the situation in the euro zone, possibly will have a secondary effect.

Ukrainian Globalist
2010-06-29 23:15, Commodities.

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