Posts Tagged ‘Barrel’
In electronic trading in Asia today crude oil prices declined for two consecutive days (9.5). Crude oil prices fell again in speculation that the U.S. economy weakened and China. Weakening of the economies of both countries with the largest economy has the potential to cause large drop in demand for commodities including crude oil.
Crude oil prices decreased by 0.9%, a decrease of 2.8% increase that occurred at the close trading weekend. Asian bourses, which fell looked more crude oil price movements. China’s service sector slowed in August.
Crude futures for October delivery declined 77 cents and traded at 85.68 dollars per barrel position. Crude oil prices are the most active contract late last week closed with a record of 2:48 sharp dollar decline (2.8%) in the position of 86.45 dollars per barrel. Read the rest of this entry »
Crude oil trading for the afternoon today (19 / 
was recorded continuously decreased since the morning. Investors seem increasingly positive expectations put on crude demand as speculation China and the U.S. economic downturn put forward by Morgan Stanley and Citigroup Inc.
Morgan Stanley predicts that China’s economy in the third quarter will decline by 0.2% to 9.1%. While at the same time Deutsche Bank predicts that the European economy will also negatively affected.
Crude oil futures declined by 2 dollars to 80.38 dollars per barrel. Meanwhile, Brent crude declined by 0.6% to 106.37 dollars per barrel.
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Oil prices climbed back above USD74 per barrel on Monday, August 23 this. This is due to tropical storm in the Atlantic threaten Danielle intensified so that market participants worried that crude oil production in the Gulf of Mexico may be disrupted.
Crude oil for October delivery rose 36 cents to USD74, 18 per barrel at midday when Kuala Lumpur, in electronic trading on the New York Mercantile Exchange (Mercantile).
Earlier, oil prices fell by 97 cents to settle at USD73, 82 per barrel on Friday last week.
Tropical Storm Danielle is projected to be hit Atlantic region and will be intensified on Tuesday night. But there is also an estimate if this storm leads to Bermuda and will not threaten land.
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Organization of Petroleum Exporting countries (OPEC) estimates that world oil demand growth will rise. The organization estimates that the increase in world demand for oil increased by 1.2 percent.
According to testimony quoted by the AFP on Saturday (14/08/2010), OPEC issued a report which includes a revision of world oil demand. the estimate for oil demand growth in 2010 reached 1.2 percent.
In OPEC’s monthly report issued last Friday, total world oil demand for 2010 now estimated to reach 85.5 million barrels per day, up from 84.46 million barrels per day in the year 2009.
“Demand for oil is stable in the U.S., projected world oil demand growth is revised up by 0.1 million barrels per day (bpd) to show a growth of 1.05 million barrels per day, or 1.2 percent,” OPEC said.
The association warned that a slower economy in the second half of this year, due to the phasing out of fiscal stimulus. This enrichment can affect world oil demand.
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