Vitaliy Shevchenko, an analyst company UMIS

Dynamics

Trades on Wednesday at the market of black gold have shown negative dynamics. Oil prices fell for the sixth consecutive day. In addition, the results of bidding on 8 July were the worst mark WTI for crude oil over the past two months. Sessional minimum was set at 60.01 dollars per barrel.

At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil fell to 2.79 dollars and its price, therefore, amounted to 60.14 dollar per barrel.

At the ISE Stock Exchange in London, the cost of oil brand Brent fell by 2.80 to 60.43 dollars per barrel.

Causes

quotes prices in the oil market declined during the entire trading session. WTI crude oil price increased the decline after the publication of data on stocks of raw materials in the United States. The reason for selling was not typical for this time of year, an increase of 1.9 million barrels and gasoline stocks by 3.7 million barrels of reserves distilled fuel. The price of oil basket of OPEC has fallen to its minimum of five and a half weeks. Of the interesting news it may be noted that Nigerian militants continued their attacks on the Agip facility and Shell. After two months of activity the supply of militants from the country declined by 589 thousand barrels. Moreover, there is no hope, that they would resume soon, but it is about 0.7% -0.8% of world production.

What to expect?

The technical picture for the oil market after six days of the fall of a correction-up were more likely than the continued downward movement. Over the past one and a half weeks, crude oil dropped in price by more than 11 dollars from its recent peak in the region of 73.38 dollars per barrel. Corrections may be subject to other trade areas, the positive dynamics which may favorably affect the quotes of oil.

What is fear?

More and more are continuing signs of a continuing downturn in the economy - especially this way the negative economic makrostatistiki. Not weakening activity comes from speculators who are pushing prices down. Also, not all in the demand for black gold. Pessimistic is the latest review of the oil market from OPEC. In a document issued on 8 July, the cartel expects that demand for oil will not recover until 2013, All this together has continued downward pressure on oil.

Overview of the foreign exchange market 09.07.09
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