Oil futures prices in London and New York raised by 2,9% according to results of the week 1 вЂ" 5 August, which was ended with new peak values. The week was abundant by events of “buffalo” character, including the death of king Fahd in Saudi Arabia, Iranian statement about its intention to resume nuclear program, worsening of prediction on storm activity in the Western Atlantic, new accidents at American oil refinery plants and decreasing of commercial reserves of petrol USA.
The death of king of one of the biggest oil power became the most dramatic event for futures market in the beginning of August, however, the main moving force of rise of oil prices for last days was rush at petrol market. For the last week quotations of September futures on petrol at New York stock exchange NYMEX bounced from $1,7261 US. to $1,8322 US per gallon, i.e. by 10,61 cents or by 6,1%.
Drastic growth of petrol futures reflected reaction on several accidents at American oil refineries and sharp decrease of petrol reserves in USA
September futures prices on oil Light Sweet at stock exchange NYMEX raised on Friday by 93 cents up to $62,31 US per barrel. September futures on oil of Brent brand at International oil stock exchange IPE raised up to 95 cents up to $61,07 US per barrel. Oil prices in London and in New York set new records during closing.
Impressive report on US employment, published at that day, promoted rise of oil prices. The US ministry of labour infromed, number of working places in American economy raised up to 207 thousand in July, the average hourly payment increased by 0,4%.
Significant increase of number of working places, as proof of solid economic growth in USA, became new signal about the fact that high prices on oil and oil products do not influence significantly on American economy and correspondingly have potential for continuation of rise. Additionally, growth of employment improves general welfare of population, which is strengthening factor for petrol demand.
Oil futures prices in London and New York raised by 2,9% according to results of the week 1 вЂ" 5 August, which was ended with new peak values. The week was abundant by events of “buffalo” character, including the death of king Fahd in Saudi Arabia, Iranian statement about its intention to resume nuclear program, worsening of prediction on storm activity in the Western Atlantic, new accidents at American oil refinery plants and decreasing of commercial reserves of petrol USA.
The death of king of one of the biggest oil power became the most dramatic event for futures market in the beginning of August, however, the main moving force of rise of oil prices for last days was rush at petrol market. For the last week quotations of September futures on petrol at New York stock exchange NYMEX bounced from $1,7261 US. to $1,8322 US per gallon, i.e. by 10,61 cents or by 6,1%. Drastic growth of petrol futures reflected reaction on several accidents at American oil refineries and sharp decrease of petrol reserves in USA
September futures prices on oil Light Sweet at stock exchange NYMEX raised on Friday by 93 cents up to $62,31 US per barrel. September futures on oil of Brent brand at International oil stock exchange IPE raised up to 95 cents up to $61,07 US per barrel. Oil prices in London and in New York set new records during closing.
Impressive report on US employment, published at that day, promoted rise of oil prices. The US ministry of labour infromed, number of working places in American economy raised up to 207 thousand in July, the average hourly payment increased by 0,4%. Significant increase of number of working places, as proof of solid economic growth in USA, became new signal about the fact that high prices on oil and oil products do not influence significantly on American economy and correspondingly have potential for continuation of rise.
Additionally, growth of employment improves general welfare of population, which is strengthening factor for petrol demand.