The leading indexes on the world exchanges reported a steady growth on Thursday, which cut the negative series of recent days. Impact did the press conference by Jean-Claude Trichet and good data on U.S. trade balance. The meeting of the OPEC also affected, in addition to a sharp jump in oil by over 3%, lead to increased inflation fears. The regular meeting of the European Central Bank (ECB) on interest rates expected no change. After the meeting it became clear that will be monitored with caution inflation and probably next month will lead to a renewed increase in interest rates. Earlier in the day the Bank of England (ATSB) has also left unchanged the base rate in the UK at 0.5%, highlighting the cause weak economic recovery. At the end of the day leading French CAC 40 index closed at 3878.65 (1.06%) points from all 40 companies only financial giant Credit Agricole closed in the red.
In Germany, the DAX 30 rose to 7159.66 (1.41%), with distinction BMW (+3.16%) and Volkswagen (+3.03%). The London’s FTSE 100 advanced to 5856.34 (0.84%) points. The positive sentiment in the United States were boosted by an unexpectedly good data on trade balance as a reason strong exports and decreased imports of petroleum products.
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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 retreat recorded in the first trading session for the new week as the retreat of the last quotes in hours electronic trading. The reason is the stabilization of the dollar was unable to leave the eight-month low against the euro and 15-year low against the yen. This caused a decline in interest for investments in raw materials. During yesterday’s session in New York the price of oil for delivery in November fell 0.5 percent to 82.21 dollars per barrel. The night quotations decreased by another 1 percent to 81.42 dollars per barrel. Some pressure on the price of black gold have speculation about a forthcoming meeting of the leadership of the Organization of Petroleum Exporting Countries (OPEC). The meeting will be held on October 14 in the Austrian capital Vienna. Expectations are that production quotas and export will not be changed, to support these claims a position of the Saudi oil minister Ali al-Naimi that “prices in the 70-80 dollars per barrel are ideal,” reported Bloomberg. “Do not expect any change,” said Qatari oil minister and Abdullah al-Atia at the beginning of the week. He said this price range for oil is suitable for both the sellers and purchasers.
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The price of crude oil increased to near 81 dollars a barrel during electronic trading today in Asia, together with all the major stock indexes in the region. The price of energy input is about to celebrate third growth in the last four weeks, after having surged by 1.2 percent over the past five days. Reason for today’s rise in oil gave news that the Organization of Petroleum Exporting Countries (OPEC) will cut oil supplies by 2.3 percent within months, ending on March 20. Countries that are members of OPEC, the source of about 40% of global oil supplies. U.S. light crude for delivery in April, is rising by 60 cents, or 0.8 percent, to 80.81 dollars a barrel during electronic trading today on the New York oil exchange. By the end of the session on Thursday, oil futures fell by 66 cents to 82.21 dollars per barrel. Meanwhile, the price of Brent rose by 64 cents, or 0.8 percent, to 79.18 dollars per barrel in today’s times of electronic commerce in the international petroleum exchange in London. The April oil futures ended the session yesterday with a decrease in price by 0.9 percent to 78.54 dollars per barrel.
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