Dynamics

Quotations in the oil market on Friday 14 August, showed a significant drop in price due to negative sentiment on the stock sites, but also against the backdrop of the strengthening U.S. dollar against most currencies after the U.S. data.

At the New York Stock Exchange NYMEH cost of the September futures for U.S. light crude oil fell to 3.01 dollars and its price, therefore, amounted to 67.51 dollar per barrel.

At the ISE Stock Exchange in London, the cost of oil brand Brent fell by 1.07 to 72.41 dollars per barrel.

Causes

On Friday, August 14, quotes in the market of black gold fell in price because of strengthening the position of the dollar to a basket of world currencies against the backdrop of negative statistical data (consumer confidence index was worse than market expectations), and high market values. Stock sites, as well as the market entered the metal phase correction, thereby producing a negative impact on the oil sector.

news worth noting Saudi Aramco statement that the mining company's power in June reached 12 million barrels per day. The increase in capacity is due to the input field superlegkoy Oil Well aym with a daily production of about 100 thousand barrels of light oil field Hurays with a daily production of around 1.2 million barrels, as well as expand to 250 thousand barrels of production at the oil superlegkoy Shayb. Oil production at the Hursaniya included in the operation last year, reached 500 thousand barrels per day.

What to expect?

The main positive factor in the market of black gold is a speculative interest. Positive sentiment in the stock sites, as well as falling U.S. dollar can have a positive influence on the quotations of oil. Also important message of revitalization in Nigeria militants, notably in the state of Delta in the south-east of the country.

What is fear?

negative side for the black gold are the fundamental basis as well as the technical picture, which shows that the phase correction is not yet finished. Also important to activate many participants commit profits for Oil Futures.

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