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Oil prices have stabilized
World oil prices have stabilized today after a ceasefire between Israel and Palestinian militants, which lasted for about a week, and took the lives of at least 160 people. Analysts point out that given the risks of supply from the Middle East, prices will not fall further.
Today as the market got support from the positive Chinese data on industrial production, as well as yesterday's data on oil reserves in the U.S., which unexpectedly fell by 1.5 million barrels. As it became known, the manufacturing purchasing managers' index from Markit / HSBC rose in November to the level of 50.4, up from 49.5 in October, at the same time showing the highest value in 13 months.
Economists say that the price of oil is currently being consolidated and until the places show a definite trend.
Note also that the low volume of trading today as the U.S. markets are closed in observance of Thanksgiving.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 87.23 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell to 110.17 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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