Dynamics

Trades on the market of black gold on Thursday 23 July, took place under banners bulls on the background of favorable data on the real estate market and a successful quarterly reporting of large companies (EBay Inc. and Ford Motor Co.), which reinforced expectations for an early economic recovery.

At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil rose by 1.76 dollars and its price, therefore, amounted to 67.16 dollar per barrel. Sessional maximum was shown at the level of 67.49 dollars per barrel.

At the ISE Stock Exchange in London mark Brent oil price rose to 69.25 dollars per barrel.

Causes

At the auction on Thursday 23 July, oil quotes significantly enhanced. Oil expensive in the last 7-sessions, reflecting the growth in equity markets, where the Nasdaq index showed the best result over the past 13 years, and the positive statistics for housing sales in the secondary market of the United States.

news worth noting that the American company Noble Energy has made an oil discovery in Block O, proburiv well for future structure of Carmen on the shelf of Equatorial Guinea. The opening is located on the sea depth of 46 m. According to the company, this discovery may be developed in conjunction with reserves neighboring blocks, 1 which are assumed to develop in 2012 share of the company in block A Noble - 45%, state GEPetrol - 30%, the company Glencore Exploration - 25%.

What to expect?

Taking into account the fact that most corporate results proved stronger than forecasts - profit 153 companies are members of the SP 500 and had already published their quarterly reports, exceeded forecasts by an average of 12% - an increase of market shares in the near time is likely to continue, which in turn will be a locomotive, pulling the oil up quotes.

What is fear?

However, do not forget that oil is growing for several consecutive sessions, and the desire to capture market gains more and more increasing. Negative is also a technical component, we indicate a possible correction.

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