Brent oil
2010-02-22,Weekly summary 15-19.02.2010
Brent oil dropped a little to $72,60 a barrel generally on bearish news from China about another steps focusing on cooling economy. Moreover European GDP rose in 4th Q at lower pace than it was perceived. On the other hand U.S currency was kept at strong level against euro (1.3610) what should make commodities cheaper. Chinese authorities raised the major interest rate by 50 basis points trying to prevent overheating of domestic economy. Euro zone 's GDP rose only 0.1% in 4th Q against 0.3% in prognosis.
Brent oil rebounded to $75,70 a barrel setting the strongest jump in 4 months especially on dollar's fall refreshing the appeal of commodities as alternatives. Oil quotations were following positive sentiment governing on equity markets - S&P500 +1.5% , DJI Aver. +1.3%. Such enthusiastic reaction was generally due to helpful program directed toward Greece concern.
Brent oil was traded higher at $76.30 a barrel on weaker U.S currency (1.3750 against euro) and bullish data about manufacturing in New York region (the fastest growth in 4 months). Oil was also coping the positive sentiment ruling on equity markets treated as a good gauge for the future.
Brent oil went up to $77.80 a barrel as a positive reaction on robust growth of U.S leading indicators keep pace of recovering economy. Moreover the Philadelphia manufacturing figures rose to 17.6 from 15.2 extending that so good sentiment on the market. As Energy Department stated oil consumption gained by 0.2% yearly while refineries operated at 79.8.
Some tech. levels:
Res.: $79 - $82 - $85
Sup.: $77 - $75 - $73
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