Dynamics
Quotes of the oil market on Thursday, August 27 closed with the increase due to the fall of the dollar in the foreign exchange market, FOREX, as well as against growth of shares in the stock markets.
At the New York Stock Exchange NYMEH the October futures price of U.S. light crude rose by 1.06 dollars and its price, thus, amounted to 72.49 dollar per barrel.
The exchange ICE in London, Brent oil price rose 0.86 to 71.65 dollars per barrel.
Causes
On Thursday, August 27 quotes on the market of black gold have shown sharp upward trend in price because of the weakening U.S. dollar against all major competing reserve currency after the publication of the next portion of a favorable macro-economic statistics for the United States. According to analysts, the prospects for demand and supply for oil, especially in the U.S., continue to contribute to lower prices, but recent changes in quotations on the stock market and the dollar triggered short covering of positions.
From the news it is worth noting that the Federal Antimonopoly Service of Russia has decided to fine TNK-BP Holding to 4,197 billion rubles, Gazprom Neft to 4,695 billion rubles for the abuse of dominant position in the oil market. 25 June and 8 July 2009. FAS Russia recognized that these oil companies have violated antitrust laws. The Commission found that TNK-BP Holding and Gazprom Neft had abused a dominant position in the wholesale market of oil products Russia, created discriminatory conditions for the independent members of the wholesale market of oil products. In addition, the company retire petroleum products, resulting in growth was the wholesale price of fuel. This resulted in damages to other persons, consumers and limit competition. Violations by the companies were registered in the markets of motor gasoline, aviaGSM and diesel fuel in the first half of 2009.
What to expect?
positive attitude of participants share platforms and adjacent markets, as well as the decline of the dollar in the FOREX market because of yield positive economic makrostatistiki are the major driving forces of the market price of oil.
Why worry?
negative impact on the dynamics of oil prices could have a technical picture, namely the passage of prices psychologically strong technical support level near $ 70 a barrel.
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