Market Analysis

Dynamics
Quotes of the oil market on Wednesday, January 27 on the basis of bidding closed with a decrease in the price of the background data on stocks of petroleum and petroleum products in the United States, and also due to the fall of neighboring markets and the weak dynamics of the stock pads.

At the New York Stock Exchange NYMEH the March futures price of U.S. crude fell by 1.04, or 1.0%, and its price was 73.67 dollars per barrel.

The exchange ICE in London, Brent crude futures price fell 1.05, or 1.0%, to 72.24 dollars per barrel.

Causes
On Wednesday, Jan. 27 quotes on the market of "black gold" closed with a decrease in price under the following factors: 1 - Economic data - as reported by Energy Information Administration, crude oil reserves in the U.S. for the week of 16-22 January decreased by 3 9 million barrels, gasoline inventories rose 2.0 million barrels, while distillate stocks rose 0.4 million barrels, with a load of refineries in the U.S. totaled 13.6 million barrels a day - the lowest level since September 2008, when oil refineries in the United States affected by hurricanes, as well as 13-year minimum for this time of year. Oil demand in the U.S. over the past four weeks averaged 18.753 million barrels per day, 2 - weak dynamics of the stock sites, where U.S. stocks rose, restoring the losses after the Federal Reserve reiterated its promise to keep interest rates down "indefinitely" (Dow Jones industrial average - 10236.16 (41.87, or 0.41%), Nasdaq Composite - 2221.41 (17.68, or 0.80%), SP 500 - 1097.50 (5.33, or 0.49%)), 3 - to strengthen the U.S. dollar in the FOREX market , which has downward pressure on the oil market; 4 - negative dynamics of the neighboring markets, namely the drop in prices of precious metals market.

What to expect?
Many analysts point to the fact that oil prices are still within the trading range of 70-80 dollars per barrel. This means that oil prices may have the potential for further growth. The close relationship between oil prices and U.S. dollar is expected to continue to set the tone for trading on the oil market.

Why worry?
The main negative factors in the oil market are U.S. dollar and the technical picture, namely, the psychological and technical level of $ 80 per barrel, which does not allow to pass higher oil prices, thereby encouraging market participants to lock in profits on the open long positions.

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