Oil prices rose, which was associated with the publication of U.S. data on home sales in the secondary market. According to a report from the National Association of Realtors, purchases in the secondary market fell last month by 0.6% to 4.92 million for the year. The median forecast of economists projected sales would increase to 5.00 million Estimates ranged from 4.9 million to 5.2 million homes on the market prices rose, reflecting the growing demand for more expensive homes. The pace of previous months have been revised to 4.95 million from a previously reported 4.98 million
Purchase in the secondary market is gradually raised from 13-year low of 4.11, which was achieved in 2008. The largest volume reached 7.08 in 2005. The average price of homes sold in the secondary market increased by 11.8 percent, the highest since November 2005, to $ 184,300 last month from $ 164,800 in March 2012.
Meanwhile, today, the UAE Minister of Energy Mohammed Suhail Al Mazrui told reporters that the Organization of Petroleum Exporting Countries plans to hold a ministerial meeting on the 31 May. In addition, he is in his speech, he added that the market is balanced and there is no oversupply in the market. At the same time, the CEO of Qatar Petroleum Marketing Saad al-Kuwari said that oil will trade at $ 100 per barrel in the third quarter after the second quarter will mark the correction of excess supply and falling stock markets.
May futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 88.20 dollars per barrel, the lowest intraday level since Dec. 19.
May futures price for North Sea Brent crude oil mixture rose $ 0.64 to $ 100.07 a barrel on the London exchange ICE Futures Europe.
The price of oil has decreased significantly today in anticipation of the publication of today's reserves data from the American Petroleum Institute .
Experts believe the increase in oil immediately to 3 million barrels for the week ended April 18 - to 397.1 million barrels . This evidence may be the highest since May last year . Fuel reserves are expected to have decreased by 1.9 million barrels , distillate - 300 thousand barrels.
Investors also await the weekly Energy Information Administration report on crude oil inventories in the U.S., which will be presented on Wednesday to assess the prospects for demand the world's largest energy consumer . Analysts expect that the report will show the increase in oil inventories last week , while gasoline inventories probably reduced. Last week, the EIA reported that crude oil inventories rose more than forecast at 10.01 million barrels for the week ended April 11. It was the maximum weekly increase in U.S. oil inventories over the past 13 years.
The dynamics are also influenced by the fact that on the eve of the Iranian government confirmed the shift of some heads nuclear agency of the country , who were opposed to negotiations with the West on Iran's nuclear program .
" This is good news , which may hold prices . If negotiations are successful , the market will get more Iranian oil " - experts say .
It is also worth noting that the supply situation in the oil market remains very good, despite the missing supply from Libya. This is partly due to the increase of production in the Gulf countries and the U.S. , as well as the fact that sanctions against Iran have been weakened since November. Nevertheless , investors fear that further Western sanctions against Russia could disrupt oil supplies from the key manufacturer .
June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 101.88 per barrel on the New York Mercantile Exchange (NYMEX).
June futures price for North Sea Brent crude oil mixture rose 95 cents to $ 108.88 a barrel on the London exchange ICE Futures Europe.
Gold prices rose significantly today, helped by an increase in physical purchases, after falling last week to two-year low. However, investors continued to reduce their holdings in the biggest exchange-traded fund to its lowest level in nearly three years. From a technical perspective, gold, the value of which fell this year by more than 15% may continue to fall, despite the increase in physical purchases in Asia and other regions. Note also that the last Monday gold has shown the largest ever daily decline in dollar terms, which shocked many investors who have used gold as a hedge against inflation and other market risks.
But, at the same time, as investors fled the market, the fall in prices has reached the pending orders, which increased retail demand. We also add that the U.S. Mint announced the sale of gold coins in the amount of 167,500 ounces (in April), which is the highest level since May 2010, and half of the monthly maximum.
Investors also say that it is likely that the U.S. Federal Reserve may soon cease bond-buying program, which could ease inflationary pressures. Meanwhile, analysts say that the market is subject to intensive sales, while many physical players estimate the prices are really attractive, however, they still believe that the market has gone through a fundamental shift and that a sustained rebound is very unlikely.
The data also showed that the gold reserves in one of the largest exchange-traded fund SPDR Gold Trust, fell on Friday by 0.88% - the lowest level since May 2010. Note that the outflow of capital from exchange-traded funds may mean that investors invest their money in other assets, but the trade data in the United States, which were published last week showed that the funds were invested in gold futures.
The cost of the June gold futures on COMEX today dropped to 1424.30 dollars per ounce.