Brent oil
2010-02-07,Weekly summary 1-5.02.2010
Brent oil gained to $73,60 a barrel generally on better U.S manufacturing data which gained at the quickest pace since August 2004 indicating a higher fuel consumption in the future. ISM index reached 58.4 in January from 54.9 a month earlier. Such figures appear as quite robust moreover a manufacturing index also rose in Europe to 52,4 from 51,6 adequately indicating that situation is getting better globally. On the other hand U.S dollar eased it's rally from 1.3860 to 1.3920 what naturally made commodities as more profitable ones.
Brent oil was continuing it's jump toward $76,10 a barrel on further optimistic speculations that American economy is recovering significantly. Moreover , investors remember the fact of falling oil inventories last week but it was an effect of weaker import condition rather than growing demand. A weakening U.S currency had also impact on higher oil prices and it fell against euro to 1.3960.
Brent oil little changed at $75.80 a barrel before a report about U.S oil inventories and the market expectations oscillate around that oil supplies may have shrunk. It is worth to mention that before Today oil has set the strongest jump in 4 weeks what may spurred some investors to take their profits.
Brent oil tumbled to $71,80 a barrel after U.S Energy Department revealed that oil inventories gained more than anticipated while refineries operated at the slowest pace since 1989. Oil stockpiles rose to 329 million barrels adding 2,32 million in the last week of January. On the one hand oil refineries operated at 77% but on the other hand oil import jumped by 7,1% but all of that was not able to compensate by definitely weak demand.
Brent oil fell to $70.30 with a mid-session low at $68.90 a barrel setting the steepest slide in 6 months firstly on stronger 'green currency' and second on quite mix data from U.S unemployment market. U.S economy lost 20 000 jobs in January while market expectations oscillated around 5000 gain. But on the other hand unemployment rate dropped to 9.7% from 10.1% in December. Moreover, the green currency gained to 1.3600 against euro vanishing appeal of commodities as alternatives. According to the latest interview with OPEC President the most preferable oil price is between $70 and $90 in this year.
Some tech. Levels:
Res.: $72 - $75 - $80
Sup.: $68 - $65 - $60
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