Oil: an overview of the market situation

The cost of oil futures rose moderately, while rising above $ 105 per barrel (Brent), as traders await developments in Ukraine and the Middle East. While WTI expensive third consecutive session in anticipation of data on crude oil inventories in the United States. Economists estimate that the inventory of oil in the United States dropped the seventh week in a row, down 1.3 million. Barrels.

Recall the Russian Air Force and Air Defense Forces completed command post exercise, which took place on the territory of the Russian Federation from August 4, and Israel reached an agreement with the Palestinians on a temporary cease-fire in the Gaza Strip, which positively perceived by investors.

We also add that the United States inflicted air strikes on militant positions in northern Iraq, but said that a ground operation in this country will not. Market analysts predict that the American air strikes may reduce the risk of disruption of oil supplies from the country. Iraq produced about 3.5 million barrels a day of oil last month, making it the second-largest oil producer in OPEC after Saudi Arabia.

Meanwhile, on Monday, Iraqi President Fouad Maasum instructed to form a new government Haider al-Abadi, put forward earlier parliamentary bloc "Iraqi National Alliance" for the post of prime minister.

On the dynamics of trade also continue to influence the message from OPEC. On Friday, OPEC reduced its forecast for world oil demand in 2014 to 30 thousand. Barrels a day - up to 1.1 million. Barrels per day. Demand for oil produced by OPEC in 2014, was reduced to 9.61 million. Barrel. / Day, which is 70 thousand. Below previous forecasts. The forecast for 2015 was left unchanged at 1.21 million. Bbl. / Day. In July, OPEC oil production, thanks to Libya, rose to 29.91 million. Bbl. / Day, or 170 thousand. Bbl. / Day higher than in June.

The cost of the September futures for the American light crude oil WTI (Light Sweet Crude Oil) rose to $ 98.29 per barrel and then declined to $ 97.25 per barrel on the New York Mercantile Exchange (NYMEX).

September futures price for North Sea Brent crude oil mixture rose 46 cents to $ 105.12 a barrel on the London exchange ICE Futures Europe.