Vitaliy Shevchenko, an analyst company UMIS

Dynamics

On Friday, the dynamics of oil futures were mixed. In the European session on the price of oil recovered above the psychological barrier of 70 dollars per barrel, but at the time of bidding in the States went down.

At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil fell to 1.07 dollars and its price, therefore, amounted to 69.16 dollar per barrel.

At the ISE Stock Exchange in London, the cost of oil brand Brent fell to 69.10 dollars per barrel.

Causes

strong combination of bull factor in the European session: the growth of stock indices, assuming the economic recovery and thus increase energy demand, declining U.S. dollar and mounting tensions in Nigeria (government sources report that local refineries have begun to pack their facilities due to lack of oil) a positive impact on trading in the oil market, but the decline in blue chips below the zero mark on Wall Street got quotes back.

What to expect?

The combination of growth factors of positive expectations in the economy, problems with supplies from Nigeria and declining oil reserves at 21.405 million barrels in the United States over the past 7 weeks, could provide the necessary support base oil, which prevents correct. Yesterday, OPEC has also made a statement that the market is in a delicate balance, and the organization may seek to change the quotas if necessary.

What is fear?

deteriorating sentiment in the stock market due to the intensification of concerns about the deterioration in consumer and business activity could lead to a strengthening dollar, which in turn will affect the dynamics of oil futures.

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