Oil: a review of the market situation

Prices for Brent crude rose moderately, entrenched near the mark of $ 49, as a weaker dollar offset the impact of the global oversupply. As for oil brand WTI, then its value has risen above $ 45.

"The market is looking for the right impetus to push oil prices up," - said Hans van Cleef, senior energy economist at ABN AMRO Bank in the Netherlands. However, he noted that today's growing price does not necessarily mean that the recession has already been completed. "We continue to be below the closing levels compared to last week," - said the expert.

The course of today's trading was also influenced mixed US data. The US Commerce Department announced that the total volume of orders for durable goods fell last month by 3.4% compared to expectations for a gain of 0.5%. Meanwhile, another report showed that sales of new homes rose by 11.6 percent to an annual rate of 481,000 in December from a revised figure of November 431 000. Economists had expected new home sales will rise to a level of 450,000 compared to 438,000 , which was originally reported in the previous month. The number of unsold homes corresponds to 5.5 months of sales.

It also became known that the index of consumer confidence from the Conference Board, which increased in December, rose sharply in January. The index is currently 102.9 (1985 = 100) compared to 93.1 in December. Assess the current situation index rose to 112.6 from 99.9, while the expectations index rose to 96.4 from 88.5 in December.

In addition, higher prices helped expectations publication of data on oil and petroleum products in the United States to measure the volume of demand from the world's largest oil consumer. Experts note that the government report to be released tomorrow may show the growth of oil reserves by 3.8 million barrels for the week ended January 23.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 45.60 dollars per barrel on the New York Mercantile Exchange.

March futures price for North Sea petroleum mix of Brent increased by $ 0.71 to $ 48.84 a barrel on the London Stock Exchange ICE Futures Europe.