Oil quotes this morning have been correcting themselves after a growth yesterday evening. Brent Crude at 10:15 EET was trading at $67.23 and WTI with June delivery was at $61.20 a barrel. At Tuesday’s close, the cost of North Sea oil on June contracts was $67.24 a barrel and light crude with June delivery at the close of the New York session stood at $61.21 per barrel.
Last night’s growth in prices is connected to a statistic on oil reserves. According to data from the American institute of oil, at the close of last week reserves had decreased by 2 million barrels. Thus, reserves are continuing to gradually reduce for the second week in a row.
The US Energy Information Administration (EIA) will release similar information this evening. If the data does in fact turn out to be exactly the same, then the growth on oil quotes will renew this evening. However, whether it will break the $70 per barrel limit because of these statistics is open for discussion. In our opinion, the bulls don’t have enough fundamental news to do this.
The Iranian central bank has announced that it has received funds from the third part of the country’s financial assets in foreign banks that were unfrozen. As part of an interim agreement from 24th November, 2013, in exchange for a number of restrictions in Iran’s nuclear program, the country has received transfers of funds from their frozen accounts abroad. The first two phases included the unfreezing of $7 billion. As part of the third stage, several equal-sized amounts totaling $4.9 billion have been received by Iran. This news has had an insignificantly negative impact on commodities quotes.
Over the course of the day, the price of Brent could reach $69.70 and WTI will try to pass $62.40 a barrel.
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
Director of Alpari's analytical department
## ojimadu position
Senior Alpari analyst
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