Quotes of the Asian oil trade fell below $ 72 a barrel after yesterday overcame declines, made late last week and reported a minimum 17-month price agency reported Reuters. Depreciation of the new “black gold” due to the oppression of stock players for uncertainty about budget problems in most euro area countries, especially Greece, Spain and Portugal. Diverging signals the degree of recovery of the economies of countries that are the biggest users Oil also confused investors on the stock markets. Price of oil on Monday was due to the intertwining of several factors: strong and sharp cooling in the U.S. geo-politics direction about Iran’s intention to begin enriching uranium, and the weakening of the dollar against five major currencies. Since the beginning of 2010, oil prices have fallen by nearly 10 percent mainly due to the increase in raw material stocks in the U.S., aggressive monetary-credit policy in China and because of doubts about the financial stability in Europe. Two hours after trading opened in London, March futures added 9 cents to $ 71.82 a barrel, after having decreased slightly in the morning. U.S. trade with appreciation Monday close of 70 cents to $ 71.89 a barrel.
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The prices of light crude oil rose for the first time in five days after it fell below $ 75 a barrel for the first time since October 13. This raw material prices made attractive as an alternative investment, said Bloomberg. Today’s move offers a wide range between $ 75 and $ 81 per barrel. “For some time the markets began to get used to the volatility of prices between $ 75 and $ 80 a barrel, but when a quote is closer to the lower limit, the players react immediately, buy items and the price returns to higher levels,” commented the market situation David Moore, commodity markets analyst at Commonwealth Bank of Australia. Lightest crude oil for delivery in January rose by 46 cents, or 0.6 percent, reaching $ 74.39 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday marked the raw material to its lowest level since $ 73.93 a barrel, having dropped very quickly with $ 1.54, or 2% per cent, compared to the price at which stock exchanges closed at the end of last week. One of the reasons oil is cheaper to the statement of the President of the U.S. Federal Reserve Ben Bernanke, who said that the U.S. economy will have problems in three directions – the labor market, tight arrangements for lending and the availability of huge quantities of stocks of fuel in reduced demand.
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