Forex News from New Forex: Oil prices dubiously rise
On Thursday the WTI oil futures have gained but the oil price is still below $50 due to the concerns over oil oversupply in the global market. On the New York Mercantile Exchange oil with the delivery in September picked up 27 cents or 0.54% and it is traded at $49.45 a barrel in the European market. On Wednesday futures fell to $49.04 (a level of April 2) tumbling 3.28% or $1.67.
Yesterday’s oil losses are explained by unfavourable data of the USA oil inventories. Last week oil inventories have unexpectedly jumped by 2.5 mln. barrels to 463.9 mln.
On the ICE Futures Exchange in London Brent oil with the delivery in September advanced 7 cents or 0.13% to $56.21 a barrel after hitting an intraday low at $55.90 (a low of July 7). Yesterday Brent shed 91 cents or 1.6%. Spread between Brent and WTI is currently $6.76 a barrel.
Pressure on oil prices is caused by the return of Iranian oil to the global market. According to the Iranian side, around 30 mln. barrels of oil are waiting for shipping. Most experts assume that Iran will need several months to increase its oil volumes.
On Thursday the WTI oil futures have gained but the oil price is still below $50 due to the concerns over oil oversupply in the global market. On the New York Mercantile Exchange oil with the delivery in September picked up 27 cents or 0.54% and it is traded at $49.45 a barrel in the European market. On Wednesday futures fell to $49.04 (a level of April 2) tumbling 3.28% or $1.67.
Yesterday’s oil losses are explained by unfavourable data of the USA oil inventories. Last week oil inventories have unexpectedly jumped by 2.5 mln. barrels to 463.9 mln.
On the ICE Futures Exchange in London Brent oil with the delivery in September advanced 7 cents or 0.13% to $56.21 a barrel after hitting an intraday low at $55.90 (a low of July 7). Yesterday Brent shed 91 cents or 1.6%. Spread between Brent and WTI is currently $6.76 a barrel.
Pressure on oil prices is caused by the return of Iranian oil to the global market. According to the Iranian side, around 30 mln. barrels of oil are waiting for shipping. Most experts assume that Iran will need several months to increase its oil volumes.