The price of Brent oil fluctuated around 115 US dollars per barrel earlier in the week after disappointing data on employment in the USA. The investors are awaiting a meeting of OPEC, to be held later this week to see whether the group will increase the supply of crude oil. The weaker US dollar and the political upheaval in the Middle East also kept the price of black gold at lower levels.
“Today there is no shortage of supply. OPEC will do its job,” said the CEO of French energy giant Total at a conference in Kuala Lumpur. The price of the Brent crude fell 43 cents to 115.41 dollars per barrel. U.S. crude fell 28 cents to 99.94 dollars per barrel.
“A weak economy means lower oil prices”, said Tony Noonan, risk manager at Tokyo-based Mitsubishi Corp.
The technical charts suggest that oil prices may fall in the short term. Expectations are the price of Brent crude to drop to 112 dollars per barrel and U.S. light of oil to fall to 98.12 dollars per barrel.

The crude oil prices began the new week with a fall, as the primary role of this are the appreciation of the dollar on Friday and warning Barack Obama that the country’s economy is again threatened by recession. Today the dollar retreat against euro minimum positions against the scandal around the head of the International Monetary Fund Dominique Strauss-Kahn, who was arrested with charges of sexual harassment in New York, told Reuters. On Friday, however, U.S. currency rose above the rate approaching 1,40 EUR / USD. The increase in the dollar generally leads to less interest in investing in commodities. Although minimal, the retreat of the dollar today came after a warning by U.S. President Barack Obama that the country is threatened with even more severe recession than that already experienced. Such a scenario as it is completely believable given that not be voted increase in the ceiling to which the U.S. government may take on new debt. At present, this ceiling is 14.3 trillion. dollar and analysts say it will be reached soon. During the night of the platform for electronic exchange trading in New York the price of light crude lost 1.3 percent to 98.34 dollars per barrel. Traded in London Brent even cheaper by 0.7 percent to 113.04 dollars per barrel. For the last week, the lightest crude for delivery in June rose 2.5 percent. Brent did raise its price by 4.3 per cent.

The crude oil prices went up early in the new stock a week after on Friday suffered its largest weekly loss for the last three months. The decision by Ireland to be given officially to the International Monetary Fund, the European Union and the European Central Bank for rescue loan with which to stabilize its budget and the banking sector, bring relief to financial markets and increased demand for riskier assets. Last week, oil fell 4 percent, while a special delegation from the International Monetary Fund, the European Union and the European Central Bank visited the country to assess its ability to cope with their fiscal difficulties and stabilize the banking sector. The U.S. light crude for delivery in January, rising by 0.7 percent to 82.62 dollars per barrel during today’s electronic trading on the New York Petroleum Exchange. Its price fell 44 cents, or 0.5 percent, to 81.98 dollars per barrel late last week. The December crude oil futures expired on Friday with a decline in the price of 34 cents, or 0.4 percent, to 81.51 dollars per barrel. The occasion is the decision and the Chinese central bank to increase the percentage of minimum reserve requirements for Chinese banks for the fifth time this year. The brent oil with delivery in January at the same time, rising by 0.7 percent to 84.93 dollars per barrel. Its price fell by 71 cents, or 0.8 percent, to 84.34 dollars per barrel at the end of Friday’s session.
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The crude oil prices run over $ 78 a barrel, which has long stopped falling over the last five working days, the agency reported Reuters. And the reason for the sharp rise indicates the suspect standing in addition – the weakening of the dollar, but concerns about increased demand for energy resources and signs of recovery in the global economy. Contracts for U.S. light crude for delivery in February, have added very quickly to the price of 64 cents to $ 78.64 a barrel after the beginning of Asian trade today was reported quarterly decline to $ 77.29 a barrel. The price of London’s variety “Brent” add less – 43 cents to $ 77.54 a barrel. Today in the U.S. markets are closed and oil traded volumes were small, pointed brokers. They even admitted to the upsurge in prices is short-lived. According to Reuters the current oil prices are 50 percent lower than the historical maximum of $ 147 a barrel reached in July 2008. International Energy Agency (IEA) announced that the termination of economic incentives may be a threat to oil demand this year, which will increase its price.
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