Dynamics
Quotes of the oil market on Monday 18 January to results of the auctions closed with a slight increase in price against falling U.S. dollar in the currency market FOREX, and also because of the positive trend of the stock markets and adjacent areas.
At the New York Stock Exchange NYMEH the February futures price of U.S. light crude rose by 0.25, or 0.1%, and its price was 78.25 dollars per barrel.
The exchange ICE in London cost of Brent crude futures rose 0.16, or 0.1%, to 77.27 dollars per barrel.
Causes
On Monday, Jan. 18 quotes on the market of “black gold” were closed with an increase in price by the following factors: 1 - a slight drop in the dollar in the FOREX market after economic makrostatistiki and news, 2 - to strengthen the stock of sites where Europe”s main stock index closed in green zone (FTSE100 - 5494.39 (39.02, or 0.72), CAC40 - 3977.46 (23.08, or 0.58), Xetra DAX - 5918.55 (42.58, or 0.72)) - U.S. financial markets were closed on Monday in connection with the celebration of Martin Luther King Day 3 - positive dynamics of the neighboring markets, namely the strengthening of prices for precious metals.
What to expect?
Many analysts point to the fact that oil prices are still within the trading range of 75-85 dollars per barrel. This indicates that oil prices may have the potential for further growth. The close relationship between oil prices and U.S. dollar is expected to continue to set the tone for trading on the oil market.
Why worry?
The main negative factors in the oil market are U.S. dollar and the technical picture, namely, the psychological and technical level of 85 dollars per barrel, which does not allow to pass higher oil prices, thereby encouraging market participants to lock in profits on the open long positions.
In 2009, TMK has reduced shipments of pipe production by 13% to 2.792 million tons 2009 budget was expected unfulfilled. Nevertheless, in 2010, the fiscal pressures on the economy will continue to rise … Last week was the first full trading week …
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