Crude prices were seen dropping on the first day of the trading week as traders digest the results of the Ukrainian presidential election over the weekend which may help ease the ongoing tensions between the country and Russia, the world’s biggest energy exporter.
The European benchmark Brent crude for July settlement was seen trading 0.54% lower to $109.95 per barrel on the London-based ICE Futures Europe exchange at the time of writing.
Meanwhile, futures for the North American West Texas Intermediate (WTI) crude for July delivered dropped below $104 on Monday, falling 0.34% lower to $103.94 on the New York Mercantile Exchange at the time of writing, falling from a two and a half-month high of $104.50 seen on Friday.
Ukraine Vote
Petro Poroshenko, a confectionery tycoon billionaire claimed victory over the weekend as he won the Ukrainian presidential election, with more than 56% votes and 20.42% ballots counted, according to Ukraine’s central electoral commission. Winning the first round of the election as official results are expected to be released later in the day.
“My first decisive step will be aimed at ending the war, ending chaos, and bringing peace to a united and free Ukraine,” Mr Poroshenko said at a press conference on Sunday in Kiev. “I am certain that our decisive actions will bring fairly quick results.”
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Crude – Libya
Libya oil’s production dropped to 210,000 barrels per day, compared to 300,000 barrels per day recorded last week, according to analysts. Libya’s output levels were at 1.4 million barrels per day last year. Meanwhile the nation’s major oilfields of El Sharara and El Feet remains shut, despite the government’s plans to reopen them.
China
The Chinese State Council plans to cut the energy consumption per unit of gross domestic product by 3.9% through 2015, according to a statement on the central government’s website.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Crude Prices Drops after Ukraine Presidential Election appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
