Oil prices on world markets on Tuesday, September 28, changed differently. During the day on the market dynamics affect opposing factors. On the one hand, up quotations of oil futures pushed the weakening dollar, on the other - the pressure on prices exerted concern about supply and demand dynamics of gasoline inventories in the U.S..
Following the auction on Tuesday, September 28 at the New York Mercantile Exchange futures price for WTI crude oil for November delivery fell 0.34 dollars to 76.18 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude oil price increased by 0.14 dollars and closed at 78.71 dollars per barrel.
Tuesday on the oil market was marked by increased volatility. Positive impact on the dynamics of trades provided events on the currency market, where the dollar continued to fall against the European currency. (A weaker dollar increases the attractiveness of oil as an alternative investment). As a result, prices for WTI crude oil during the day reaches 77.12 dollars per barrel.
Backdrop for the dollar's decline was the index of consumer confidence in the U.S., whose value in September fell to 48.5 points against 53.2 points a month earlier (analysts expected a decline to 52.1 points). This decrease is activated expectations that U.S. Federal Reserve will begin the next round of monetary incentives. Consequently, the U.S. dollar exchange rate broke through key resistance level against the euro fell to its lowest level in five months. The decline was 0.9%, resulting in the dollar to a level of 1.3579 dollars per euro. During the day, the dollar sank to a mark of 1.3595 dollars per euro.
But to stay on reached an intraday high oil prices failed. Against the market once again played a concern of investors in the further demand for gasoline in the U.S.. Spoil the mood of market participants to these companies MasterCard Inc., According to which, last week, gasoline consumption in the country fell for the fifth time in six weeks. As reported by the company, the week before 24 September gasoline demand in the U.S. fell by 0.2% to 8.98 million barrels per day
Expressed concerns, market participants and for gasoline stocks. On Wednesday, come next data U.S. Department of Energy (US Department of Energy, DOE) on oil and petroleum products. It is expected that last week the amount of gasoline in the U.S. stores has increased by 350 thousand barrels. Meanwhile, the data of the American Petroleum Institute (API), released on the eve after the close of exchange trading, pointed to the increase in gasoline stocks by 3 million barrels. More positive figures API introduced in respect of oil (-2.4 million barrels). And distillates (- 2.8 million barrels).
