Oil prices on Wednesday 25 August, rose, despite a series of negative news. As a result of trading on the New York Mercantile Exchange price of a futures contract on the mark WTI for October delivery climbed 0.89 dollars - up to 72.52 dollars per barrel. During the day the cost of oil futures in this class was reduced to a mark of $ 70.76 per barrel. At the InterContinental Exchange in London, the October contract on the Brent Crude oil rose by 1.1 dollars, closing at 73.48 dollars per barrel.
Trading session on August 25 in the oil market was held on a negative background. In the U.S. went out the next portion of bleak macroeconomic statistics. For example, sales in the primary housing market fell in July by 12,4% - up to 276 thousand (as against 315 thousand a month earlier), which was significantly worse than analysts' expectations (330 thousand).
"The drop in sales of new buildings is perhaps more grim news than to collapse in 27% of sales in the secondary housing market, - commented on the published data analysts Capital Economics. - Sales of new homes are assessed at an earlier stage of the buying process on the market than selling old home and they have already fallen by 32% after the abolition of tax relief at the end of April. In other words, sales in the primary market have reached a point when the distortions caused by tax exemptions, gradually eroding. Therefore, when the smoke clears, it becomes evident that the situation the market is very bad. "
Disappointing performance revealed in July and orders for durable goods. Despite the fact that, in general indicator grew by 0,3% (which, incidentally, is already bad news, as analysts had expected growth by 3%), positive result was only achieved at the expense of the transport component: the number of orders for civilian aircraft rose by 75 , 9%, and on vehicles and parts - by 5,3%. If, however, exclude the transport component, the amount of orders fell in July by 3,8%, which was the most significant decline since January 2009.
"In the past year, U.S. business recovery headed the economy - analysts said Bank of Montreal. - But now it seems that he takes a step back. With what companies have been reluctant to increase the number of jobs, the deterioration in the prospects of investment was an additional factor in favor of slower growth economy in the second half of this year. "
Meanwhile, a very negative dynamics showed reserves of oil and petroleum products in the U.S.. According to the report of the Ministry of Energy of the country (US Department of Energy), on the last week the amount of oil in storage rose by 4.1 million barrels. - Up to 358.3 million barrels. That far exceeded analysts' expectations (500 thousand barrels).. Thus, oil reserves are even higher rise above the upper limit of five-year average range.
As noted by analysts, the main reason for the increased reserves of "black gold" in the United States was to reduce its deliveries to refineries (from 15,238,000 to 14,890,000 barrels. / Day) and an increase in imports (from 9.561 million to 9.881 million barrels. Per day) . In addition, last week in the country saw an increase in oil production - from 5,352,000 to 5,511,000 barrels. day.
