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The prices on oil continue to fall. The article talks about the scenario of oil market in the US and the European countries. During the period when prices on oil such as crude oil continue to go down, Saudi Arabia, one of the biggest oil suppliers, declares that it will release more oil to further reduce the oil prices. The market shows that the prices on crude oil have been falling for 4 consecutive weeks. But in the same time frame the prices on natural gas are increasing. It is observed that high demands for electric energy are acting as a driving force to shoot the prices of natural gas up, the analysts say. Commodities such as Crude oil were sold at $95.52/bbl before "a decent rally". It was recorded as the lowest in US market. An intraday sell-off played a key-role in oil products being able to recover the losses. The US oil market overview shows that the prices on oil still continue to fall. The June contract for US light, sweet crudes went down by 93¢ to $97.01/bbl on the New York Mercantile Exchange. Similarly, the July contract lost 94¢ to $97.37/bbl. The US spot market also showed the same scenario. West Texas Intermediate at Cushing, Okla., went down by 93¢ to $97.01/bbl. The current situation of oil market shows that imports of crude into the US were increased by 145,000 b/d to 9 million b/d during last week while the month of May saw US imports of crude averaged to 8.8 million b/d. this was the case where the imports were more just by 28,000 b/d than in the comparable period during last year. The imports of gasoline averaged 607,000 b/d, while the imports of distil fuel averaged 47,000 b/d during last week. The US refineries were benefited by the input of crude and showed increase of 35,000 b/d to 14.7 million b/d last week with its units being functional at 86.4% of capacity. When it comes to European market, the close observations of analysts from European countries reveal that the prices on oil such as crude oil again faced heavy pressure but the approach of $110/bbl on Brent and $95/bbl continues to act as a support for crude oil. European expert's hint that the future of Europe continues to be the tiny but main input and the problem of Europe still persists. Because of the fact that Europe is not a nation, either Southern country in Europe has to pay for Northern countries or Northern countries for Southern. It gets difficult to compel one region to suffer for the other and sacrifice itself for the others. The author is an experienced columnist in oil related fields, who frequently writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details.
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