Oil: an overview of the market situation

Oil prices rose, with rising above $ 105 a barrel, even though the speculation that the rise in price of oil last week was too much.

Note that the dynamics of trades also had a statement by the International Energy Agency, which reported that the fundamental outlook for oil look less positive in view of weaker demand growth this year, as well as higher levels of supply. According to experts, in the short-term market looks quite balanced, and therefore, we should expect trade in a range between $ 90 and $ 110 per barrel.

Note also that the world's stock markets were close to five-year highs, driven by optimism about the prospects for global growth. But trading volume on most financial markets was low, as in a number of countries are celebrated religious holidays.

We also add that many traders are awaiting the publication of minutes of the last meeting FOCM, to be issued on Wednesday. This event may help to assess the prospects for the oil market, as well as provide any hints continuation of monetary easing by the Federal Reserve.

the U.S. central bank.

Also worth noting is that oil markets were supported by tensions in the Middle East, which has raised concerns about the security of supply of the largest producers in the region.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 96.72 dollars a barrel on the New York Mercantile Exchange.

June futures price for North Sea Brent crude oil mixture rose $0.40 to $ 105.02 a barrel on the London exchange ICE Futures Europe.