Concern mounts to oil markets

Mown in full swing. Oil prices fell Friday morning as the 74 dollars a barrel in electronic trading in Asia. A barrel of light sweet crude for June delivery yielded 62 cents to 73.78 dollars while Brent North Sea due to identical, lost 34 cents to 79.77 dollars. Monday again, trading at 77.35 dollars a barrel in New York and 80.50 dollars in London. The euphoria that had gripped the stock markets in Europe and New York had spread on the oil markets.

But as of Tuesday, prices were beginning a decline that on Thursday, brought down the barrel in New York at 73.62 dollars, its lowest level since Feb. 12. In three sessions, the price dropped $ 2.40, completely erasing the rebound Monday.

Between high inventories and uncertainties

This pressure to lower prices is explained partly by continuing high inventories in the United States.On Wednesday, the U.S. Department announced a further increase in crude inventories of 1.9 million barrels and most importantly, a record for the reserve terminal in Cushing, Oklahoma's largest oil terminal in the United States. At 37 million barrels, these reserves are approaching the maximum capacity of the terminal that serves as the delivery point for Nymex oil contracts. Result: not finding a place to store their oil for June delivery, the nearest maturity, the investors selling off to get rid of.

This unusual situation has overshadowed the announcement of a sharp decline and surprise 2.8 million barrels in gasoline stocks in the United States. An announcement, analysts said, would support the course.

On the other hand, concern about the strategy for ending the crisis in the euro area continues and installs a negative climate in the markets.While European stock markets tumbled again Friday, the euro fell back again to its lowest level since 18 months. Around noon, he fell from 0.64% to 1.2448 against the dollar, thus penalizing oil purchases.

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