The market of crude oil starts showing another rally but the price increase is not considerable.
On June 30th 2011 the Greek parliament made a first step towards receiving new loans. On Thursday the Greek parliamentarians approved the austerity program despite numerous protests and strikes. In Athens the local police had to use force against aggressive protesters.
Apart from Greece’s new economic program, another factor influencing the global market of oil was the uncertainty connected with the EIA’s decision to make some investments in the market.
On June 30th in InterContinental Exchange Futures (ICE) the August futures of Brent Crude Oil gained 8 cents reaching $112.48/b.
In NYMEX the August futures of Light Sweet Crude Oil gained 65 cents ($95,42/b).
Crude oil started gaining value on Wednesday (June 29th) after the U.S. Department of Energy reported that the country’s crude oil inventories had declined in volume by 4.4M barrels down to 359,5M barrels over the period from June 18th till June 24th, which turned out to be a much more considerable decline than expected (1.4M barrels).
At the same time in Russia the Federal Antimonopoly Service wants the country’s major oil companies (Lukoil, Rosneft, TNK BP and others) to reduce the retail price of gasoline. The claim is based on the fact that gasoline has become cheaper by 17-20% around the world while in Russia it has gained 3%.
According to the expert traders and analysts from the Department of FMA_SAR, , the price of crude oil is moving in a range between $ 95.84/b and $93.88/b. The direction in which the price comes out of the range will determine whether crude oil will rally or keep retracing. If the price breaks below the lower border of the range, the retracement will probably be continued down to 93.45 and may be even 92.75.
