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 price started running down months, which was caused by weak economic indicators for the eurozone and China. They gave new strength to the speculation that the recovery of global economy from the crisis is slowing. During yesterday’s trading session in New York oil price with delivery in July fell 1.9 percent to 72.58 dollars a barrel. At a certain point of black gold trade was moving with a decline of more than 3 percent as analysts said the main reason for this data were to fall in the PMI index for China May. This morning oil lost another 0.35 per cent to 72.24 per cent, even at night to travel with a decline of over 1 per cent. Thus black gold continues its series of negative, which in May remove 14 percent of its value. Among the key to oil market news was the failure of BP’s shares, which yesterday reported its strongest decline in the past 18 years. They dropped by 13 per cent to 4,3 pounds after the number of forecasts for the cost of cleaning up after the Gulf of Mexico oil platform accident with the company there. Yesterday in London, Brent crude from oil fell 2.6 percent to 72.71 dollars a barrel.
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The first e-commerce platform that will allow companies that operate according to Islamic laws, to raise capital, will be launched in London in May. This Reuters reported, citing a venture capital firm behind the project. Sharia Ummah Securities Information Exchange (UMEX) is intended to provide a trading platform for companies with capitalization of at least 20 million pounds (31 million dollars) who want to raise the equivalent of at least 20 percent of their market value. Mahesh Jahayasan, chairman of the company’s Halal Industries, which will oversee the exchange, has made clear that it will work as a platform for multilateral trade exchange (Multilateral Trading Facility – MTF). MTF are low-cost e-commerce platforms, created after the EU directive on markets in financial instruments has opened opportunities for competition between exchanges. This will be the only such platform in Europe at the time, which helps companies raise capital. In UMEX opening in May of it will now have 100 shares of compliance with Islamic law companies, which can be traded. Within one year after placing their stock plans to hold IPO-so over 100 global Islamic companies said Jahayasan.
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