Dynamics
Quotes of the oil market Tuesday, October 20 have completed their eight-day rise against the background of strengthening U.S. dollar on the currency market FOREX, and also because of the negative dynamics of the stock sites.
At the New York Stock Exchange NYMEH December futures price of U.S. crude fell by 0.84, and its price, therefore, amounted to 79.12 dollar per barrel.
The exchange ICE in London, Brent crude futures price fell 0.53 to 77.24 dollars per barrel.
Causes
Tuesday, October 20 quotes on the market of black gold have completed their eight-day growth against a background of strengthening the dollar in the FOREX market after unexpectedly gloomy statements by the representatives of the Bank of Canada and the release of the report of the Ministry of Commerce, testified of the less significant than expected , the increasing number of bookmarks of new homes in September, and by the negative dynamics of the stock sites - indexes on Wall Street have been able to recover from areas of sessional minima, but the outcome of the day suffered substantial losses, while among the components of the SP 500, about 80% completed the day in negative territory (Dow Jones industrial average - 10041.48, Nasdaq Composite - 2163.47, SP 500 - 1091.06). Validity of the November futures ended Tuesday with the final settlement price of 79.09 dollars per barrel.
What to expect?
The main event of today's trading session is out of data on stocks of petroleum and petroleum products from the U.S. Department of Energy, which likely will set the direction of trading before the end of the week. Market participants expect to reduce stockpiles of distillates and gasoline, but, however, expect growth stocks of crude oil. Among distillates include heating oil and diesel fuel.
Why worry?
Much of the market participants, and some analysts are skeptical that the increase in demand due to economic recovery, will be sufficient to reduce the huge reserves of oil and fuel accumulated during the most severe economic downturn.
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