Quotations of basic sorts of oil demonstrated further growth
Moscow. May 8. Kazakhstan Today - Quotations of basic sorts of oil, following the results of auctions on Tuesday, demonstrated further growth, the agency reports referring to the daily review of oil market of group of companies OMT Consult.
According to the review of the group of companies, June contract on North Sea oil Brent at London exchange InterContinental Exchangе increased in price by $2.32 - up to $120.31 for a barrel. The futures contract of Texas light oil WTI with delivery in June at the New York commodity exchange NYMEX grew by $1.87 - up to $121.84 for a barrel.
"Following the results of the regular auction session on the New York commodity exchange, oil price on Tuesday exceeded $120 for barrel on the background of fears regarding supply of crude oil to the world market and decline of US dollar exchange rate," the report informs.
The company Royal Dutch Shell Plc continues to be under influence of attacks of rebels on its oil-extracting infrastructure in Nigeria. As it was informed earlier, these attacks took place last weekend. The company decreased volumes of oil extraction in Nigeria by approximately 164 thousands of barrels a day," the analysts of OMT Consult explain.
Thus, currently volumes of oil extraction in Nigeria make 1.88 million barrels a day, that is the lowest index since August, 1999.
According to the review, growth of demand for oil in the developing countries also influences oil market. On the eve of the Olympic Games in Beijing, China has grown its oil refining capacities. Petro China and Sinopec companies plan to double their oil processing capacities up to 6 million barrels a day by 2020.
Russia has decreased oil extraction increasing consumption. According to the forecasts of the International Energy Agency, world demand for oil in 2008 can increase by 1.5% up to 87.23 million barrels a day. Decrease of US demand for oil will not strongly affect world demand for crude oil. Nevertheless, the season of vacations in the US will traditionally multiply demand for fuel by 10%.
"Another factor affecting the market of oil is decline of the rate of US dollar. Thus, on Tuesday Dollar Index, which estimates the cost of the American dollar in relation to a basket of six basic currencies, has gone down by 0.3% and made 72.96," the report specified.
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