Quotations of basic sorts of oil grew up to record level

Moscow. June 10. Kazakhstan Today - Quotations of basic sorts of oil, following the results of auctions on Friday, indicated record growth, the agency reports referring to the report of group of companies OMT Consult.

July contract on North Sea oil Brent in London exchange of InterContinental Exchange grew in price by $10.15 - to $137.69 for a barrel. Futures contract of Texas light oil of WTI with delivery in July on the New York commodity exchange of NYMEX grew in price by $10.75 - to $138.54 for a barrel.

Increase of prices for oil up to the record value has occurred in connection with decrease of dollar exchange rate (Dollar Index has gone down from 73.120 up to 72.528, and the rate of euro has grown from $1.5584 up to $1.5772), that, in turn, has been caused by the report of the US Labor Ministry about growth of the rate of unemployment in the country. According to the Ministry, rate of unemployment for the last month reached 5.5 %, having increased by 0.5 %.

Unemployment rate for May - the highest for the last 33 years. The figures demonstrate significant decrease in rates of growth of economy of the United States and sharply reduce probability that the Federal Reserve System will renew increase of the interest rate of the federal funds this year," oil review of ОМТ-Consult informs.

The forecast of American investment bank Morgan Stanley has positively influenced oil futures. The bank analysts of the bank expect in the nearest month the price for a barrel of oil can reach $150 in connection with growth of demand for hydrocarbon in Asia. There is a high probability of a strike in Nigeria in oil-extracting factories Chevron.

"The forecast of the Minister of Oil of Libya Shokri Ganem that the price for oil can reach $140 for a barrel in June has proved to be true the same day. In his opinion, by the end of the summer period prices for oil will increase up to $150 for a barrel," the analysts inform.

"As for the forecast for the next week, the experts of oil market expect decrease of quotations of basic grades of oil due to increase of stocks of fuel in the United States and decrease of demand due to record-breaking high prices," the review informs.

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