On Wednesday, September 8, oil on world markets has risen amid rising stock market indices and the weakening dollar against the euro. As a result of trading on the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery rose 0.58 dollars to 74.67 dollars per barrel. At the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.43 dollars and closed at 78.17 dollars per barrel.
The dynamics of trade in world markets on Wednesday determined the news from Europe. The successful placement of state bonds Portugal and Poland reduced the fears of investors in Europe and the debt crisis has awakened a desire to take risks. The result was the growth of quotations on the stock markets, as well as the growth of the euro against the dollar. Positive dynamics was noted and the oil market, the attractiveness is against this background significantly increased.
Index broad market Standard & Poor "s 500 Index rose 0.64%, the index of blue chips" Dow Jones Industrial Average - at 0.45%, high-tech NASDAQ - on 0,90%. In Europe, Germany's DAX rose by 0, 76%, the British FTSE 100 - on 0,41%, French CAC-40 - on 0,92%. At the same time members of the European equity markets are so delighted by the news of the successful placement of bonds that prevent the growth of quotations could not even adverse macroeconomic indicators for the region .
In particular, the negative dynamics shown by the data on imports and exports of Germany. In July, exports from the country decreased by 1,5% compared to the previous month, imports - by 2.2%. The index of industrial production in Spain fell in July to 1,2% on a monthly basis and pointed out that the country's problems are far from being resolved. Moreover, in conjunction with the July retail sales fall, this could mean that Spain once again sliding into recession, analysts said Capital Economics.
The dollar has fallen in price against the euro on 0,3%, to 1.2719 dollars per euro. Stocks and the dollar seemed to move the markets - the president believes the company Oil Outlooks & Opinions Carl Larry. - The market begin to grow investments, trading volume increases after the August slowdown.
Support to the market of oil trading on Wednesday also provided a regular review of the U.S. Department of Energy (US Department of Energy, DOE), on the prospects for the energy market in the short run (Short-Term Energy Outlook). Experts agencies increased their forecast for oil demand in 2010. (50 thousand barrels.) And downgraded the oil industry in countries outside of OPEC.
Simultaneously, DOE has downgraded the forecast oil prices for 2010. (From 79.13 to 77.37 dollars per barrel.) And the forecast for oil demand in 2011. (100 thousand barrels.) Review DOE became the first in a chain of such reviews, the publication of which is expected this week. At Thursday, September 9, will take forecasts OPEC on Friday - the International Energy Agency.
Oil prices continued to rise in electronic trading after the release of these American Petroleum Institute (API) on oil and petroleum products in the U.S.. According to the report API, last week, oil fell by 7.31 million barrels., To 354.2 million barrels. According to analysts, oil reserves in the U.S. grew by 1 million barrels.
