Dollar index and oil prices continue rally today

Dollar index and oil prices rise

In brief: Oil prices remain in the green zone today. The level of support from the bulls on oil looks inspiring.

Oil prices do not cease to grow the entire trading today. Oil futures Brent and Light Sweet traded in the positive zone. Prices of oil futures have risen since the beginning of the day by about 0.5%, after the day before they fell in one day at 3% and for the first two weeks have been established below the level of 76 dollars per barrel.

Prices on transactions with oil in futures were ($ / bbl.): – Light, Sweet Crude Oil (in August) – 76,35 (0.41) in the range of quotations 75,33-76,83; – IPE Brent Crude ( August) – 75.82 (0.38) with a range of quotations 74,81-76,25. Positive changes in the prices of transactions due to technical purchases of oil futures and expectations of more significant than expected before, reducing the reserves of crude oil in the U.S.. So, today at 0:30 Moscow time, their estimates for oil and oil products in the United States already published by the American Petroleum Institute (American Petroleum Institute, API). Data API came as a surprise to market participants. Thus, according the Institute of crude oil in the U.S. declined for the reporting period to 3.4 million barrels. Whereas on the eve of industry experts predicted their decline for the week by 1,0-1,2 million barrels. At the same time, the U.S. dollar so far significantly dropped in price relative to the euro, further ensuring the conditions for the purchase of oil. LED market forex, reflecting changes in U.S. dollar concerning “basket” of six leading world currencies, Dollar Index (spot) declined since the beginning of the day at 0.4%, after being on the eve of the figure for the first five trading days above the established level of 86 points. A tropical storm first-degree danger Alex is currently at about 350 km southeast of the city of Brownsville (Texas) and at a speed 11 km / h moves to the west and northwest. The wind speed in the hurricane zone reaches 130 km / h and the next day may increase. In settlements of the alleged route of movement of hurricane a storm warning, sometimes carried out evacuations. However, for objects of the oil industry, located in the zone of the Gulf of Mexico, hurricane, according to the direction of motion, not a serious threat, say experts.

Ukrainian Globalist
2010-06-30 17:44, Economics.

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