Oil on the stock exchanges in New York and London on the basis of trading on August 26 2010. has risen for the second time in the last seven sessions. Prices for futures rose for the day at an average of 1,65% and reached its highest level in five trading sessions - almost a week.
The results of trading on the stock exchange for oil contracts the first position on August 26 were:
- New York Mercantile Exchange, on an urgent New York Mercantile Exchange (NYMEX) the official price of the futures Light, Sweet Crude Oil (October) rose by 0.84 dollars (+1,2%) and set at around U.S. $ 73.36 barrel. with a range of prices of transactions per session 72,54-73,98 per barrel.;
- At the London Mercantile Exchange electronic InterContinental Exchange Futures Europe (ICE Futures Europe) The official price for the futures IPE Brent Crude (October) rose by 1.54 dollars (2.1%) and set at around 75.02 dollars per barrel . with a range of prices of transactions per session 73,38-75,55 per barrel.
Official prices for oil futures on the eve reached maximum values after 19 August this year Oil prices have risen because of the continued speculative buying of futures, which began on August 25 this year Purchases of oil on the eve of further contributed cheapened the dollar and the state of affairs in the U.S. labor market.
Indicator of the market Forex, reflecting changes in U.S. dollar relative to basket of six leading world currencies, Dollar Index (spot) on August 26 this year decreased by about 0,4% and for the first week established below 83 points. The dollar has fallen in price on the eve of the euro against other currencies, it is technically easier purchase additional oil futures prices, which are set in dollars.
As stated before the U.S. Department of Labor (US Department of Labor), the new unemployed in the country was less than expected. Thus, the number pervinchyh requests for unemployment benefit for a week, which ended on 21 August 2010. As compared with that of the previous week declined by 31 thousand and reached 473 thousand hits. Analysts had expected that this figure will be 495 thousand hits. Data from the U.S. labor market weakened somewhat fears of slowing U.S. economic recovery, had a positive impact on oil futures.
However, the official oil prices have been established on the basis of the trading day Aug. 26 well below their maximum prices. It is possible that pressure on raw material has the American stock market, where major stock indexes fell on the eve of an average of 0,9%. However, it is possible that the oil market on the eve of simply exhausted the technical potential for further growth, so the traders began to get close long positions.
Note the last two trading days the price of oil Brent rose by 3,5%, and the price of oil WTI (Light Sweet) - 2,4%, after the previous five sessions of the price of Brent crude oil fell by 5.5%, dropping to a minimum of seven weeks, and the price of WTI crude oil fell by 5,9%, having fallen to a minimum of 11 weeks.
