The fall of oil prices for the second day on the release of the dollar and stocks strong

The second day of dramatic oil prices falling following global energy watchdog decision to release an additional 60 million barrels of oil on the market.

Oil and other products has come under pressure, increase in the dollar against the euro, driven by concerns that the Parliament of the Greece cannot pass of austerity measures which will publish an international bailout.

The second day of drops drama follows the world of energy watchdog decision Thursday to release an additional 60 million barrels of oil on the market in the next month.

Relocation of the International Energy Agency to sell 2 million barrels of oil per day sparked an immediate liquidation, with oil fall $ 5 this day there. He dropped one of more than $4, or set to less than $105 a barrel Friday.

One of the effects of the release of stocks of emergency reserves was to reduce the gap between New York and London reference price oil futures. Brent crude was much more expensive than West Texas Intermediate (WTI) for months, reaching a peak of $23 above the benchmark of U.S. this month. The difference is now about $15 per barrel.

James Zhang, analyst at Standard Bank, said: "an increase in crude supplies of water origin of the United States is likely to see Brent/WTI spread narrow, and it is also likely to buffer refining margins."

"In Europe, an important part of the release of the reserve will be produced oil, given the way in which the oil reserves special is managed in Europe." As the oil product market is already fairly low in Europe, the release could lead cracks produced even lower in the short term. As a result, the gross prices would move down to the refineries to induce him to buy crude. »

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