Futures oil brand Brent shows no obvious trends in the auction in London. Rising prices in the morning due to the weakening U.S. dollar and the moderate rise in stock indexes in Asia and Europe, replaced by the middle of the day corrective decline. Adding nearly U.S. $ 1.5 from the level of opening and reached a local maximum in the region of U.S. $ 53.5 per barrel, to 15:55 AM EDT May oil futures fell toward U.S. $ 52.95 per barrel.
The oil market has ignored the expected decision of Bank of England on the conservation of a key interest rate at a record low 0.5%. At 16:30 Moscow time is expected to block the publication of the U.S. macro-economic reports, including the trade balance, import prices, as well as data on the number of applications for unemployment benefits.
In recent weeks, prices of oil market consolidated in the region of $ 50 per barrel. Players are trying to increase the continuation of growth, but faced resistance "Bears", given the continuing uncertainty in the market and the contradictory statements of the leading exporters.
In particular, nakaune Energy Minister of Algeria, said: «The world economy begins to recover, in particular, this concerns the United States. By the end of 2009 - 2010 barrel of oil would cost about U.S. $ 70, then went up to U.S. $ 80 ».
However, a few days earlier, oil minister of Qatar, Abdullah bin Hamad al-Attiyah said he does not expect oil prices this year to mark 70 dollars per barrel, as OPEC has made a record of reducing the supply and it does not have a material impact on the market. «Fifty dollars a barrel is a reasonable price for the current state of the world economy», - said al-Attiyah.
Prepared using materials AFP
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