Dynamics
Quotes of the oil market on Friday, August 28 closed with a slight increase due to wide-band trades in the U.S. dollar in the FOREX market against the backdrop of conflicting reports regarding the recovery of the U.S. economy, as well as on the background of the limited growth of the shares in the stock markets.
At the New York Stock Exchange NYMEH the October futures price of U.S. light crude rose by 0.25 dollars and its price, thus, amounted to 72.74 dollar per barrel.
The exchange ICE in London, Brent oil price rose 0.28 to 72.79 dollars per barrel.
Causes
On Friday, August 28 quotes on the market of black gold have shown little upward trend in costs as a result of wide-band trades in the U.S. dollar in the FOREX market against the backdrop of conflicting reports regarding the recovery of the U.S. economy, which limited the continued growth of quotations, which began a day earlier. Published economic makrostatistika, namely, data on consumer confidence in the U.S., led to a decrease in stock indexes, but the quotations of futures for oil resist the reduction.
From news is the announcement by Iranian President Mahmoud Ahmadinejad that Iran needs to develop its own oil refining industry and reduce the export of crude oil. The Iranian leader said that the oil sector should create new jobs in the country and contribute to its technological development, and not to turn Iran into a simple source of raw materials. Until now, the main factor affecting the development of the oil sector in the country, was to fill the state budget. Now you need to change this approach. Oil production should be re-nationalized. Added that Iran is one of the world's leading oil and gas reserves, while continuing to develop new deposits. It should be noted that oil production in the country and so is controlled by the state of the National Iranian Oil Company.
What to expect?
next week, is likely to be quiet, if only expected on Wednesday the data on energy supplies from the U.S. Department of Energy will present no surprises. The most recent data showed a slight increase in stocks after a significant reduction in the prior week.
Why worry?
In August futures on black gold were traded in the range of 70-75 dollars per barrel. According to analysts, quotes, oil futures will not exceed the upper limit of this range, while there is no more convincing evidence that the recovery of world economy helps to reduce excess oil. Thus, the return of the worst phase of the economic downturn may still lead to a sharp decline in oil prices.
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