Oil prices in New York on Tuesday, Aug. 31, down nearly 4%, succumbed to the gloom that prevailed in the market against the backdrop makrostatistiki, recently stubbornly pointing to slowing economic recovery.
As a result of trades on Aug. 31 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 2.78 dollars - up to 71.92 dollars per barrel. At the InterContinental Exchange in London, the October contract for Class Brent lost 1.96 dollars to close at a mark of 74.64 dollars per barrel.
Worries about the future prospects of the economy seems to be firmly entrenched in the oil market. On Tuesday, the flames fanned calculated Chicago Fed business activity index (PMI), which fell in August to 56.7 points versus 62.3 points a month earlier.
The Chicago index was further evidence of slowing U.S. economic growth, pointing to the imminent decline in oil demand in the largest of its consumers. In conjunction with the completion of the summer driving season and the record high reserves of "black gold" is not in the near future portends nothing good for the market of raw materials.
Meanwhile, demand for fuel in the U.S. has swung down. Another report from SpendingPulse MasterCard Inc. showed decline of gasoline consumption in the country for the week ended August 27, to its lowest level since early June. The index decreased by 3,1% - to 9.17 million barrels. fuel per day. It should be noted that the reduction in demand was recorded and the results of the week ending August 20 (at 1.2 million - up to 9.46 million barrels).. Thus, America is in full swing to complete the driving season. He was in the U.S. ends after Labor Day, celebrated on September 6, - from that moment the demand for gasoline has traditionally begins to decrease.
Meanwhile, analysts expect further growth of oil reserves in the United States. According to their estimates, the number of its stores in the country last week increased by 1.2 million barrels. These American Petroleum Institute (API), released after the closing of trading on Tuesday, showed an even more gloomy picture. According to the organization, during this week, oil rose 4.77 million barrels. - Up to 361.5 million barrels. As a result, quotes raw rushed down in electronic trading after falling to a mark of $ 71.64 per barrel.
Against this background, almost unnoticed were two relatively positive macroeconomic record. Thus, the index of housing prices, calculated by S & P / Case-Shiller, rose in June at 1% relative to May and by 4,2% in annual terms. Analysts also expected to increase the rate of 3,5% compared to the same period last year. Increase and showed consumer confidence index, calculated by the Conference Board. According to the report the organization, in August, the indicator rose to 53.5 points (compared to 51 points a month earlier), well above the forecast of experts at the level of 50.7 points.
