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Oil Went Down or Dollar - Up?

Oil Went Down or Dollar - Up?
08.08.2008

On Monday the price for oil at world stock exchanges sharply went down, for the first time for three months having lowered during the tenders lower than a level in 120 dollars for barrel, agency France Presse transfers. At the moment of closing of tenders the cost of barrel of oil WTI on NYMEX with delivery in September decreased in comparison with Friday for 3,69 dollars and made 121,4 dollars. Brent oil in London fell in price for 3,5 dollars - September futures were signed at the price of 120,68 dollars for barrel. Last record of the price for oil was established on July, 11th, when the cost of barrel reached 147,27 dollars.

As France Presse notes, prices for oil decreased despite of the proceeding conflict of the western powers and Iran concerning the nuclear program and approach of a tropical storm Edward which could temporarily stop extraction or even to damage capacities in Gulf of Mexico. According to experts, falling demand and possible increase in the offer influence the market.

The American share indexes were closed in minus already the third time successively. Dow Jones on results of Monday lowered on 0,37 percent up to 11284,15 items, S&P 500 - on 0,9 percent up to 1249,01 items and Nasdaq - on 1,1 percent up to 2285,56 items. The European share indexes also decreased. For example, British FTSE 100 fell on 0,64 percent up to 5320,2 items, French CАС 40 - on 0,74 percent up to 4280,83 items and German DAX - on 0,73 percent up to 6349,81 items. The Russian share indexes at the tenders on August, 4 continued the falling. RTS by the end of session lowered on 2,36 percent up to 1895,86 items and Moscow Central Stock Exchange - on 2,75 percent up to 1451,47 items. Among "blue chips" shares of the oil-and-gas companies and banks looked worse, than others.

From edition: To speak about falling of prices for oil, certainly, is too early - it's a question of price fluctuations in that range which oil earlier never reached in the history of mankind. Therefore the majority of experts speak about correction, say, prices for energy carriers got too high for the consumer. Too highly that any world economy in those parameters which were habitual recently could exist at such prices.

Actually today it's oil that grasped a niche of "universal money" which within millenia was occupied by gold. Actually, system of UNMFC made gold to a certain extent virtual and paved the way for its replacement with more mobile "universal goods". Such goods can be grain in lean year or a cartridge on war. Or oil.

However famine is replaced by harvest, war by peace and universal equivalents lose their value. Earlier all over again returned to gold. And today? Whether firm dollar, firm world currency of other nomination, a gold thaler, at last, will return?

Nobody can tell for sure, but the world currency for which is possible to buy half-litre of gasoline or a glass of aerated water is not serious.

However, whether it is necessary to expect denomination of dollar in relation to "oil money"? Hardly... But then it is absolutely not important to know, how much barrel of oil will cost, let it be even 300 dollars or 500 as Ahmadinejad predicts.

Then it will be already different world order.

А.B.

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