Dynamics

Trades on the market of black gold on Monday, July 20, continued upward momentum in the background of favorable macro-economic data and growth expectations, increasing demand for energy in the foreseeable future.

At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil rose by 0.42 dollars and its price, therefore, amounted to 63.98 dollar per barrel.

At the ISE Stock Exchange in London mark Brent oil price rose to 66.50 dollars per barrel.

Causes

At the auction on Monday 20 July, the oil quotations showed a decline in growth due to the dollar and the growth of stock markets. Last week, the price of oil rose by 6.1% #9472, the first weekly rise for the month #9472; with the support of the good macroeconomic performance and surpassed forecasts of quarterly reports of several large American companies.

From the news it should be noted that the Minerals Management Service in the United States Department of the Interior announced the results of bidding for the acquisition of exploration permits in the central part of the Gulf of Mexico, where she received more than $ 700 million. Money received for the 328 licenses that go into the State Treasury. They provide for financial assistance to all 50 states of the federation. In the tender was attended by over 70 companies. The highest price paid Shell Gulf of Mexico Inc. for block 721 in the Mississippi Canyon: more than 65,6 million dollars. The license area is located in the deep water area of 800-1600 m. The five major customers include companies: Shell Gulf of Mexico Inc. (514 million dollars for 39 licenses), BHP Billiton Petroleum Inc. ($ 50 million for 28 licenses), BP Exploration Production Inc. (77 million dollars for 25 licenses), Ecopetrol America Inc. (19 million dollars for 22 licenses), Noble Energy Inc. (54 million dollars for 22 licenses).

What to expect?

This week, the price of oil will depend on three determinants: release of macroeconomic data, the dynamics of stock markets and investor relations to the dollar. Supporting oil prices may have reported the growth of fuel consumption in China #9472; the world's second largest consumer of oil. According came on Friday to official statistics, China's refineries to increase production to record levels in June.

What is fear?

In the face of continued upward trend is not to lose your head and remember that any upward movement is accompanied by a stage of correction, which, in turn, can turn into the opposite traffic. This could become a regular report on the output of oil from the Ministry of the United States.

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