Dynamics

Quotes of the oil market on Thursday, October 15 jumped in price to a new annual peak above 77 dollars a barrel after data on stocks of petroleum and petroleum products from the U.S. Department of Energy, and also because of the positive trend of the stock pads.

At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 2.40, and its price, therefore, amounted to 77.58 dollar per barrel.

The exchange ICE in London, Brent crude futures price rose 1.35 to 74.45 dollars per barrel.

Causes

On Thursday, October 15 quotes on the market of black gold have jumped in price to a new annual peak above 77 dollars a barrel after data on stocks of petroleum and petroleum products from the U.S. Department of Energy that showed a sharp fall in gasoline stocks by 5 23 million barrels, while distillate stocks, which include diesel fuel and heating oil, fell by 1,084 million barrels, while oil reserves increased by 0,334 million barrels, and also because of the positive trend of the stock sites - the focus of market participants were quarterly reports of banks, and macroeconomic statistics, which helped the major stock indexes to show U.S. growth, updating the annual maximums.

What to expect?

Analysts say the oil market will continue to rise, with the first strong resistance for oil would only arise at around 80.00 dollars per barrel. Moreover, the rebels in Nigeria have announced the beginning of the next period of attacks on oil infrastructure and staff of oil companies.

Why worry?

It is negative for the oil market is that the growth of quotations is the seventh consecutive day, but for the current week, oil prices have risen in price already for 8,7%, which would be grounds for a correction on the wave of profit-taking by market participants.

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