The second day in a row, we are witnessing the growth of oil prices. This morning futures for Brent increased in price by $0.37 to $48.45 per barrel, futures for WTI crude oil rose by $0.21 to $45.59. This is due to the good economic data and sharp jumps of shares after the performance of members of the ECB who have expressed about readiness to use new stimulus measures. Daniel Ang, an expert from Phillip Futures, said, that it's all about the numbers. "The market believes that states will not allow the economic downturn. But traders are expecting that increase of the rate of economy development will contribute to greater consumption of oil"- he added.
The rise in price has continued after the press conference of the ECB and Draghi's words that the asset purchasing program may be revised in December. On Friday we will see weekly report on the number of drilling rigs in the United States, which will help traders to predict future prospects of oil, which fell below 9 million barrels per day. In case of the continuation of downward trend in the number of drilling rigs, oil production can be reduced.
Meanwhile, production volumes in Japan has grown in October, as the paces of its growth. Its indicator was a record for the last 19 months, according to the PMI. Over the past six months, house prices rose to the level of -0.9% y/y and will continue its movement, according to calculations of large analyst firms. In the US, sales volumes in the secondary market showed growth in September to 5.55 million, and the number of initial applications for unemployment benefits fell to 259 thous., which is almost a record value for the last 42 years.