Oil prices show moderate growth on the background of positive data from the U.S. stock exchanges, the weakening dollar and data from Australia. While, at 7:35 Moscow time futures WTI rose by 0,88% ($ 0.65 per barrel) to the $ 74.72 per barrel, Brent futures gaining 0.69% ($ 0.51 per barrel) and kept at $ 74.02.
Oil prices go into the minus. Quotes of the oil market on Thursday, June 17 on the basis of trades were closed with a decrease in value against the release of negative economic data. On the New York Stock Exchange New York Mercantile Exchange price of July futures for petroleum of mark Light Sweet decreased by 0.88, or 1.1%, and its price was 76.79 dollars per barrel.
Earn on investments in the commodity markets is not so simple. In the markets of major commodities – oil, grain, gold – tone is set by professionals who make a myriad unskilled investors. In exotic commodities with potential for growth – for example, such as indium or rhodium, – to invest heavily: no stock futures, it is difficult to invest in the product physically, no companies involved mainly those metals.
Oil prices start to rise after the next threat of defaults in Europe. In addition, higher oil prices trigger a fall in U.S. stock market. Analysts International Energy Agency (IEA), a positive trend for oil will begin closer to fall. Such information was announced by the analysts of IEA in the last report of the company.
Strong dollar saves OPEC from large losses in exports of oil, putting into question the willingness of OPEC to defend a certain price. This month, oil futures have fallen in price on American sites by 26%. 18-month intraday maximum of $ 87.15 per barrel on Thursday replaced a minimum of $ 64.24 per barrel. This is the lowest point since July 30. On Thursday, crude oil price set at $ 68.01 a barrel on the background of large stocks of raw materials, problems in Europe and the stock market crash.
The European Union puts the main task of saving its currency – euro. The exchange rate euro stabilized in growth. Euro exchange rate makes new troubles. Oil prices fell Tuesday below $ 76 a barrel after the financial market euphoria over 1 trillion fund for the EU has exhausted itself, reports Reuters. After a brief restoration of the euro against the dollar, the U.S. currency began to grow again to major currencies. The June contract for WTI Light fallen in price on 1.17 dollars to 75.63 dollars per barrel, Brent – at 0.88 dollars to 79.24 dollars per barrel.
Analysts of Forex consider that gold prices will grow up to $2000 per ounce. To their mind the yellow metal is able to grow up even while stabile USD and in spite of rising oil price. Gold becomes an independent equivalent.
Recession holds the raw material in limbo. Oil demand is not growing, in spite of instability in Iran. Traders remain lightweight shock and don’t know how to react properly. Their hopes for a rise in prices this week did not materialize. Oil prices fell on Tuesday, trading under 67 dollars in London as global economic recovery hopes were dampened, analysts said.