Rus News Journal

Oil in New York has fallen in price against resignation of the president of Egypt

the Prices for oil in New York on Friday, on February, 11th, have considerably decreased against news about resignation of the president of Egypt Hosny Mubarak. Following the results of the auctions on New York Mercantile Exchange the price of the future contract for oil of mark WTI with delivery in March has fallen on 1,15 dollars - to 85,58 dollars/ barr. On InterContinental Exchange in London the March contract on mix Brent Crude has risen in price for 0,56 dollars, having closed on a mark 101,43 dollars/ barr.
After 18 days of mass excitements the crisis situation in Egypt at last - that was resolved. Having obeyed to requirements protesting, the president of the country H. Mubarak has left the post, having delegated the power the military man. On this background considerably oslabli that fear that owing to disorders in Egypt petrotransport arteries - Suez canal and pipeline SUMED that would become the reason of faults in raw materials deliveries can suffer. As a result of the price for oil have sharply gone downwards: for lack of one of the basic geopolitical factors of growth investors have concentrated on fundamental indicators of the market. It has deduced mark WTI which stocks showed recently growth on negative territory.
meanwhile analysts notice that H.Mubaraka`s leaving from a post of the president does not promote easing more well-founded, than faults of deliveries on petrotransport arteries, fears, namely concerning that political crisis will extend on more significant for the market the Near-Eastern countries. As the press informs, crisis in Egypt (and also overthrow of the president in Tunis) has already responded in Yemen where demonstrators demand resignation of president Abdally Saleha, and Algeria which people persistently remind the president of the country of the promise to carry out democratic reforms. So crisis in large oil-producing countries can become only a matter of time.
Quotations of oil futures have fallen against news about H.Mubaraka`s leaving. However reduction of prices can be only a temporary phenomenon as traders will observe again attentively of, whether will cause protests in Egypt similar national movements in other countries of the Near East - the president of broker company Excel Futures Mark Vagoner has noted.
Moreover, despite H.Mubaraka`s resignation, arrival in Egypt to the power of military men, has not too pleased protesting so the further development of a situation in the country is unpredictable. political excitements, most likely, will keep the prices for oil in the countries of the Near East and the North Africa at high levels, - the analyst " believes; VTB the Capital Kolin Smith. - though resignation of the president of Egypt, probably, also has prevented sharp escalation of violence, the political situation in this country on - former is astable, and the sudden termination of board H. Mubaraka as a result of performance of civil opposition can promote strengthening of political pressure in some most vulnerable countries of the Near East and the North Africa .
In the meantime additional pressure upon quotations of futures upon mark WTI the macroeconomic data, in particular has rendered expectations of the American consumers. In spite of the fact that as a whole the index of consumer moods of Michigan university has grown in February to 75,1 points against 74,2 points month before, a component expectations has decreased with 69,3 to 67,6 points. Negative influence on a course of the auctions on Friday has rendered also the dollar strengthening which course has grown against euro on 0,4 % - to 1,3554 dollars/ euro. Growth of currency of the USA reduces appeal of oil as alternative investment.
department of the analytical information

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