Oil prices have increased significantly today, adding about 5%, which was associated with the news that Saudi Arabia and its allies inflicted airstrikes on Yemen. However, later on oil lost almost half earned position, which was partly due to the growth of the dollar against other major currencies during the US session. Analysts believe that the sharp rise in the cost of raw materials to the news of Yemen was most likely caused by excessive activity of players.
Recall that in Yemen hosts international military operation, which involves a number of countries in the region. It is known that the air strikes were carried out at the airport of the capital of Yemen Sana'a and a number of military installations. The operation began immediately after the statement of the Cooperation Council for the Gulf States, which noted that Saudi Arabia, Kuwait, Bahrain, the United Arab Emirates and Qatar intend to respond to the request of President Hadi and protect the legitimate authority in Yemen by militants Huthis. Analysts fear that the military operation may be delayed and escalate into a regional conflict. Although Yemen is not a major supplier of oil, it is next to the Bab-el-Mandeb Strait - one of the main ways tankers. Tankers that cross the Suez Canal, also pass through the Bab-el-Mandeb. Overlapping Strait block the path of tankers from the Persian Gulf to the Mediterranean through the Suez Canal, as well as close the shortest route from North Africa to Asia. However, experts note that an excess of oil on the world market is preserved, this should not worry about the lack of oil. "Just because of the fact that Saudi Arabia and other countries began air strikes, the market will not lose a sudden oil," - said analyst Newedge Japan Masaki Suematsu.
Little impact on the course of trading yesterday also provide data on oil reserves in the United States. Recall the week March 14-20 oil reserves rose by 8.2 million barrels to 466.7 million barrels, while analysts' average forecast assumes an increase of 5.6 million barrels. Commercial US crude stocks remain at historical highs over the past 80 years. Oil reserves in Cushing terminal rose by 1.9 million barrels to 56.3 million barrels. This is a new historical high since April 2004. Worries about rising inventories of oil in storage in the United States this month, putting pressure on prices. A steady increase in oil production in the United States against the backdrop of sluggish demand reinforces the view of the imminent exhaustion of oil storage capacity of some.
May futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 50.75 dollars per barrel on the New York Mercantile Exchange.
May futures price for North Sea Brent crude oil mix rose to $ 1.6 to 58.63 dollars a barrel on the London Stock Exchange ICE Futures Europe.