The Light crude oil lowered its monthly rise, as earlier it rose mostly in more than a week. The crude oil futures with delivery in April decreased its price with 0.4% to a value of 102.20 USD per barrel during the Asian trading session today. The price of the crude oil first rose sharply after the weekly report about USA stock reserves, which grew less than expected.
The report of the Energy Information Administration (EIA) showed growth of the crude oil reserves of the country with 100,000 barrels to 362.4 millions barrels during the week to 21st February 2014. During the previous reported period the reserves were 362.3 million barrels and the expected value for the week were 363.6 millions.
“Despite last night’s increase in the crude oil futures, the prices actually remain in range over the past few days”, commented a chief analyst at CMC Markets in Sydney.
On Tuesday the crude oil reached its lowest value for the week at level of 101.10 USD per barrel, due to the economy and financial data of China and the situation in Ukraine. After that the crude oil price started climbing and growing, but still is a little bit below the highest levels from the last week top values. Currently the market trends can be explained by the fixing of traders profits after the price increase in recent weeks.
The price of crude oil it a little bit low according to my point of view. I expect its increase during the next months.