Oil prices again

Today, the value of "black gold" at the auction on Thursday, increasing the second consecutive day against the backdrop of a weakening dollar and reduce stocks of petroleum products in the U.S., reports Bloomberg. Recall that on the eve of a report published by U.S. Department of Energy showed a decrease in stocks of gasoline and distillates, while oil rose last week. "Although the situation has drastically changed in Europe, worry investors are gradually declining in the hope that the troubled countries would still be able to reduce their budget deficits. In addition, the chief economist at the OECD said that Europe would avoid a second wave of the crisis. Also positive for risk appetite yesterday affected the data from the U.S., where orders for durable goods in April rose by 2.9%, while the revised data for March were much better, "- commented by experts Prmsvyazbanka. Against this backdrop, the dollar falls, and investors are again beginning to invest in riskier assets, including in the oil. The cost of July futures for oil in electronic trading in New York at 14.13 MSK rose by 2.03 dollars or 2.8% - to 73.54 dollars per barrel. Spot price for Brent crude oil for delivery in July in London to 14.23 MSK increased by 2.4 dollars or 3.4% - to 72.73 dollars per barrel. Dollar depreciates against the euro in trading Thursday. At 14.25 MSK dollar exchange rate was 1.2293 dollars per euro against 1.2193 dollars per euro trades a day earlier. "We expect a" rebound "in prices after the mass sale of futures, it may go to the range of 75-77 dollars per barrel", - analyst Eugen Weinberg, Commerzbank AG. Meanwhile, the Bank BofA Merrill Lynch downgraded the forecast average oil price of Russian Urals oil export in 2010 to 76 to 83 dollars per barrel because of slowing global growth and strengthening of the dollar, according to the report published by an international bank. "We see a growing risk that oil prices will be lower than we previously thought. The reasons for this - credit scourge of Europe, the possibility of a lower (economic) growth and the weighting of the dollar. Furthermore, the reduction in the volume of demand and consumption of oil can play a significant role in reducing the price of oil next year "- said in a statement. Note that the basic parameters of the approved budget of the Russian Federation for 2010 are based on the forecast average price of crude oil Urals, one of the main items of Russian exports to $ 58 per barrel. However, a new forecast prepared by the Ministry of Economic Development provides for a price of 76 dollars per barrel this year.