In the Thursday session, oil prices recovered strongly as the dollar discount and less pessimistic psychology of investors on the market, according to the Wall Street Journal reported.
On New York market, the price of light sweet crude oil August delivery rose 93 cents to or 2.1% to 45.68 dollars per barrel.
On London market, the price of Brent oil rose 1.11 USD or 2.4% to the level of 47.37 per barrel. In previous session, oil prices declined sharply down, the lowest level in two months.
Since the British electorates voted to leave the European Union (EU) in late June 2016, oil price fluctuations follow the happenings of US dollar. Brexit makes investors worried about the global economic outlook, so the impact of supply and demand factors for oil is less than before.
Investors on the energy market and the stock market always try to assess whether investors are "fleeing" to the safe property.
In the yesterday session, USD index decreased 0.3%. Thus, prices of commodities increase. S&P GSCI tracking the movements of 24 types of goods increased 0.7%.
The psychology of investors on the energy market in the recent weeks is not optimistic by residual energy supply continues to increase, according to the Chairman of Ritterbusch & Associates Foundation, Mr. Jim Ritterbusch.
At the same time, there are also signs that demand for energy consumption rises more slowly, G7 reserves increased. Data from China showed the oil reserve in June 2016 of the country dropped down to the lowest level in five months.
However, still more positive factors support oil prices, according to experts in the Royal Bank of Canada (RBC).They forecast the global economy will grow 3.2% from now to 2018, energy consumption will remain high, predict that energy consumption of Canada increased 1.4 million barrels of oil per day from the level of 1.1 million barrels of oil per day as calculated previously.
RBC raise oil price forecasts on the US market up $45 per barrel this year from $41/barrel as calculated previously. Brent oil prices, also predicts this year's average is $47 per barrel, up more than $4 per barrel compared with previously updated research reports.
RBC said that world oil markets will establishe equilibrium in the second half of the year 2016 when the interrupt source elements as forest fires in Canada and riots in Nigeria are resolved. Oil demand will increase over time, excess reserves will be addressed.