30.05.2008, 12:55 5701

Quotations of basic grades of oil increased

Quotations of basic grades of oil, following the results of tenders on Wednesday, have increased, the agency reports referring to the review of oil market of group of companies OMT Consult.

Moscow. May 30. Kazakhstan Today - Quotations of basic grades of oil, following the results of tenders on Wednesday, have increased, the agency reports referring to the review of oil market of group of companies OMT Consult.

According to the group, North Sea oil Brent July contract on London stock exchange InterContinental Exchange has risen in price by $2.62 - up to $130.93 for a barrel. The future Texas light oil contract WTI with delivery in July on New York commodity exchange NYMEX has grown in price by $2.18 - up to $131.03 for a barrel.

According to the review, despite of strengthening of dollar exchange rate (Dollar Index has increased by 0.3 % - up to 72.605), quotations of basic grades of oil have grown in connection with panic of market participants about stocks of oil and mineral oil in the USA, which have appeared controversial.

In the analysts' opinion, stocks of crude oil in the USA last week grew by 750 thousand barrels, stocks of gasoline increased by 400 thousand barrels, and stocks of distillates - by 800 thousand barrels. According to the other experts, stocks of crude oil in the USA last week fell by 600 thousand barrels, stocks of gasoline were reduced by 300 thousand barrels, and stocks of distillates grew by 850 thousand barrels.

"According to Morgan Stanley forecasts on further development of the situation in oil market, cost of barrel of oil of Brent brand, extracted in the North Sea, may reach $150 for a barrel.

In addition, in the opinion of oil market experts, growth of oil quotations is related to the fact that oil is of high demand at the developing markets. In this connection, China Petroleum & Chemical Corp will suspend export of oil products in the third quarter to satisfy internal demand during summer for the period of the Olympic Games in Beijing.

The situation in Nigeria has worsened market players' situation. "In connection with the threats of Nigerian terrorists to organize a number terrorist attacks in oil-extracting regions of the country, panic of market participants about interruptions of supply of oil to the world market has grown," the review specifies.

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