Market Analysis

Dynamics

Quotes of the oil market on the basis of trading on Thursday, October 8 closed c increases in value against the devaluation of the dollar in the foreign exchange market, FOREX, and also because of the positive trend of the stock sites and adjacent markets.

At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 2.12? and its price, therefore, amounted to 71.69 dollar per barrel.

The exchange ICE in London, Brent crude futures price rose 2.57 to 69.77 dollars per barrel.

Causes

On Thursday, October 8 quotes in the market of black gold on the results of the auctions have shown an increase in value against the devaluation of the dollar in the FOREX market because of increasing risk appetite as well as due to the positive trend of the stock pads, which began after the component Dow Alcoa evening after market close on Wednesday posted better-than-projected quarterly report, and the number of applications for unemployment benefits unexpectedly fell, and adjacent markets, namely the gold market, where prices have reached record highs the third straight day .

What to expect?

Many market participants, the Ministers of Petroleum and head of the oil companies say that the oil market is likely, on the whole balanced, despite a surplus of fuel and the uncertain prospects for demand in 2010. It is targeting all oil prices at $ 75 a puncture mark reached at the auction on 25 August.

Why worry?

negative factors in the oil market are the technical picture, namely that the price will be met with strong resistance when approaching the upper limit of the range of $ 75 per barrel and the end of the trading week, which carry a risk of profit-taking by market participants on the majority of open long positions.

While market participants are moving up the European currency, the probability of growth of other currencies, commodity markets and shares retained
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