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Commodities  |  July 18, 2012 17:25:00

The price of oil went after exposure up Fed chief

Oil prices rose on Tuesday, the fifth session in a row after the Chairman of the Board of Governors of the Fed indicated a further loosening of monetary policy. Bernanke semi-annual address to Congress reiterated that the Federal Reserve is prepared to act in case of worsening economic situation. The market reacted negatively from the beginning, when it became clear that the speech contains no specific promises for quantitative easing, but eventually trailed very convincingly.

Price of crude oil WTI futures contract with delivery in September strengthened by 73 cents to $ 89.54 per barrel and Brent North Sea by 63 cents$ 104 per barrel. The common Euro currency against the dollar to recover from losses and U.S. stocks headed upward.

Petroleum market to support the geopolitical uncertainty in the Strait of Hormuz incident, renewed tensions between the West and Iran, because of the disputed nuclear program and supply disruptions in the North Sea. Oil embargo against Tehran came into force on 1 July and focuses on sources of financing nuclear program. According to reports poradentské Petrologistics of China increased its oil imports from Iran to record highs.U.S. Secretary of State Hillary Clinton said on Monday that the U.S. and Israel are on the same side in their determination to prevent Iran from building a nuclear weapon.

Traders eagerly awaiting Wednesday's report on the state's oil and petroleum products in the U.S.. According to estimates of analysts surveyed Dow Jones Newswires oil dropped to 13 a week in July by 1.1 million barrels.

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