Crude Oil Price Up

Although not large, the price of crude oil in the close of trading on the New York Mercantile Exchange, recorded increases. In earlier days, crude oil prices soared due to reduced concerns over Greece as well as signs of requests could increase energy in the United States.

New York's main contract, light sweet crude or West Texas Intermediate (WTI) for August delivery rose 65 cents to the position of U.S. $ 95.42 U.S. per barrel. Brent North Sea crude oil for August delivery rose eight cents to U.S. $ 112.48 role in late trading in London after being shot up U.S. $ 3.62 U.S..

The main impetus came from the rise in oil prices which confirms the Greek parliament to choose the state savings program. This option allows to draw more money from the International Monetary Fund and the European Union and avoid default on debt or default that could destroy the financial system of Europe.

The market was also encouraged that the report showed Chicago-area businesses, including the automotive industry has soared during the June poll by corporate purchasing managers. In the midst of a lot of recent bad news about the U.S. economy, the report as a bright sign of strength that can lead to stronger oil consumption.

Analyst Research Vibiz Vibiz Consulting estimates of crude oil price movements tend to be influenced by the fundamental conditions of demand and supply sides. Meanwhile, global economic conditions in general will also play an important role in determining the price movement of this commodity. Prices are still going to move up the range of U.S. $ 90 - U.S. $ 97 per barrel.