Dynamics

Trades on the market of black gold on Tuesday 14 July were ambiguous. Quotations grew almost the entire day, but the closure of the trading growth potential was exhausted the reduction of American stock indexes.

At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil fell to 0.17 dollars and its price, therefore, amounted to 59.52 dollar per barrel, the lowest closing price for the futures oil supply in the coming month 18 May.

At the ISE Stock Exchange in London, the cost of oil brand Brent rose 0.17 to 60.86 dollars per barrel.

Causes

Tuesday began with what went on to Singapore, which have a real confirmation of expectations. GDP grew by 20.4% in II quarter compared with the previous three months. In annual terms, the economy declined by 3.7% instead of the expected 5.4%. According to estimates of OPEC, given in the monthly report in July, world oil demand in 2009 will decrease compared to last year at 1.61 million barrels per day and will be 83.84 million barrels a day, a month before world oil demand this year estimated at 83.80 million barrels a day. OPEC expects that global demand for oil will grow by 500 thousand barrels per day in 2010 as a result of overcoming the crisis in the global economy. American Petroleum Institute reported a decline in oil reserves to 1.16 million barrels in the week ended July 10. More positive was the fact that stockpiles of gasoline, even declined slightly against the backdrop of growing demand and make up 212.294 million barrels, or 2.68 million barrels less than in the same period a year earlier. From the news is worth noting that the Canadian Enerplus Resources Fund has decided to postpone the implementation of his project to develop a 100% deposit of oil sands Kirby because of the high development costs and lower prices for final products. The deposit is to be put into operation in 2012 with the initial level of oil production 10 thousand barrels per day, by 2017 production had increased to 40 thousand barrels.

What to expect?

optimism may come to market from the stock market. Almost scandalously known analyst Meredith Whitney raised the recommendation on shares of the bank Goldman Sachs, and also noted the attractiveness of securities Bank of America. U.S. indexes are rising together to respond to the analyst Whitney.

What is fear?

likely that quotes black gold will maintain the downward momentum. Trades could be the eve of bears some success, which implies a further increase in the probability of technological decline. Also, expectations of growth stocks of fuel in the U.S. will curb the excessive optimism of the players.

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