The price of WTI oil fell by 3.3% compared to the beginning of this week, which provided attractive conditions for opening long positions.

Photo: RBC

Oil futures prices are rising on Friday, August 3. As reported on Quote.rbc.ru , on Thursday, August 2, oil prices fell, reflecting market participants' disappointment with the results of the ECB and Fed meetings. Negative US macro statistics exerted additional pressure on quotes. Problems with supplies from the North Sea, as well as concerns about the geopolitical situation, limited the decline in oil. Following the results of trading at the InterContinental Exchange in London on Thursday, the September contract for Brent oil fell by $0.06, closing at $105.9 per barrel. During the day, oil of this brand traded in the range of 104.97-107.3 dollars per barrel. On the New York Mercantile Exchange, the price of the futures contract for WTI for September delivery fell by $1.78 to $87.13 per barrel.

Euro strengthening encourages oil purchases

Prices for transactions in oil futures as of 16:50 Moscow time (USD/barrel):

IPE Brent Crude (September) - 105.23 (+0.80%);
Light, Sweet Crude Oil (September) - 88.40 (+1.13%)

Prices for Light Sweet and Brent oil futures are rising, recouping their decline since the beginning of this week. The positive dynamics were caused by active purchases of WTI oil, the price of which fell by 3.3% compared to the beginning of this week, which provided attractive conditions for opening long positions. Following the results of trading the day before, the price of WTI oil fell by 2% and settled below $88 per barrel for the first time in three weeks.

The price of Brent oil since the beginning of this week has not changed as significantly as WTI, falling by only 0.5%. However, against the backdrop of active purchases of WTI oil, Brent oil quotes are also growing on Friday, but with a slight lag.

On the international Forex currency market, the euro actively won back its fall against the dollar, which additionally contributed to purchases of oil futures. The dollar index for the six leading world currencies (ICE dollar index spot) fell by almost 0.6% from the beginning of the day and remained below 82.9 points. The day before, this indicator settled above 83.3 points for the first time in a week, having increased by 0.7% in two days.

Oil on the Tokyo Exchange lost 0.3% of its value

The price of Middle East Crude oil on the Tokyo Mercantile Exchange (TOCOM) in relation to its most active contract did not change significantly on Friday, falling by 0.3% during the day. Based on the results of trading on August 3, 2012. official Middle East Crude Oil futures price for delivery in January 2013. amounted to 49.270 thousand yen per kiloliter (approximately 100.83 dollars per barrel), having lost 150 yen per day.

The price of the active Middle East Crude Oil futures has settled in backwardation relative to the price of the spot contract. Thus, the official price of Middle East Crude Oil futures for the current calendar month amounted to 50.340 thousand yen/kiloliter (approximately $102.30/barrel), having decreased by 40 yen, or 0.08%, over the day.

Middle East Crude oil is a conventional mixture of Dubai and Oman oil grades, which is considered the price standard for the Middle East region. Middle East Crude Oil futures have been traded on the TOCOM exchange since September 2001. The contract is settlement, that is, the physical delivery of oil under the futures is not provided. Positions are closed at the end of the calendar month with the calculation of variation margin. The calculation is based on the monthly average price of the Middle East Crude oil mixture, which is determined by the Platts agency.

Oil prices may fall in the coming days

According to calculations by Rietumu Bank experts, the nearest support level for WTI is the minimum on July 25 - $86.84 per barrel. If it is overcome, it will be possible to test the support level of 86.94 dollars per barrel. And the resistance level is located at 90.95 (high on July 30). The nearest resistance level for Brent is the July high of $108.18 per barrel, and the support level is located at 102.10 (July 25 low). In the coming days, according to experts, oil prices may decline.

Quote.rbc.ru

WTI wins back losses from previous days