Asia and the dollar put pressure on the oil market

hours trading on the energy market were held in correctional dynamics to reduce the previous week. In the absence of important macroeconomic news in the morning, futures for Brent crude was able to surpass $ 73. Despite the negative data from the U.S. housing market, the second half of the auction also took place in the positive dynamics. As a result, by the end of the day the contract reached a level of 73.6 dollars per barrel.

Today at the morning session on Brent futures resumed decline against the negative dynamics of the Asian markets and the strengthening of the dollar on international currency markets. After reaching a high of $ 72.6, the contract is turned in 12.20 and was able to recover to a level of $ 73 per barrel. The future dynamics of the market sentiment will continue to rely on currency and stock sites, in anticipation of data on stocks of petroleum and petroleum products in the United States.

From a technical point of view of the futures on Brent entrenched at the level of 75 dollars. In this case, the next level, able to provide contract support is the level of $ 71. In the current situation, in the case of overcoming of this level can be expected to continue downward momentum and achieve the level of U.S. $ 65 ha barrel.

Meanwhile, Russia”s market shows a reduction of negative external background. By the current moment the MICEX index lost about 2%, reached at the level of support for 1390 points, after which there has been a short-term consolidation. Worse market traded Rosneft (-3,3%) and Norilsk Nickel (-2.5%). Better look Uralsvyazinform (-0.4%) and Rostelecom (-0.7%). In the near future “Bears” will try to push the level of 1390, but in the case of improving the external background can be expected correctional growth from current levels.

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Overview of the oil market for 25.01.10