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Oil Price Is Decreasing on the Background of Referendum in Greece



Euro exchange rate is going down against US dollar.



06.Jul.15 6:35 PM
By Svetlana Siuhina
Photo INNOV

   391

Oil Price Is Decreasing on the Background of Referendum in Greece
Referendum in Greece had a negative influence on euro exchange rate. Citizens have voted against lenders’ tough ultimatum which could lead to even more challenging economic conditions. It all resulted in reduction of oil prices as well as decrease of euro exchange rate.

“Uncertainty regarding position of Greece is another negative factor which influences on forming of oil price. The same influence has increase of drilling rigs number in the Unites States which deals with potentially increased export of Iranian oil”, - said chief analytic of Petromatrix GmbH Olivier Jakob.

It should be noted that the level of oil production has increased for the first time after 29 weeks of decreasing. It means that higher prices will make it possible for oil producing companies to increase their production rate.

That is why August Brent oil futures are traded at $59.99 at ICE Futures London Stock Exchange which 1.28% lower in comparison with closing of the previous trading session.

Situation in China also has a negative influence on oil demand. Chinese government is taking measures to prevent full stock market crash.

Epilogue

At the same time it can be easily predicted that Iran is also eager to increase its level of oil export making it at least two times bigger within first six months when the sanctions are cancelled.




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