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Crude prices and futures

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  • March 9, 2010 at 8:58 am #3350
    Scott Beveridge
    Participant

    OPEC governor says USD 100 per barrel good price for oil

    08.03.2010, 20.13

    LONDON, March 8 (Itar-Tass) — Oil prices edged up by the middle of the day on Monday when one of the OPEC governors said 100 U.S. dollars per barrel would be preferable.

    By 16:30 Moscow time, the price of oil on the New York Commodity Exchange had grown by 91 cents, (1.1 percent) reaching 82.41 U.S. dollars per barrel.

    In London, a barrel of Brent traded for 80.33 U.S. dollars.

    Demand increased after Iran’s representatives in OPEC, Mohammad Ali Khatibi, had said in a televised interview that 100 U.S. dollars per barrel was a “good price”.

    He believes it necessary to take into account inflation and fluctuations in the U.S. dollar’s exchange rate when determining world oil prices.

    Analysts do not rule out that Tehran may press OPEC at its upcoming session in Vienna for the adoption of decisions that will raise oil prices.

    March 9, 2010 at 4:36 pm #26807
    James McLauchlan
    Participant

    $100 would be preferable

    It’s only around a measly $80 at present.

    Oh! Those poor oil companies they must be looking at ways to survive the next year!!

    March 10, 2010 at 1:12 am #26808
    Scott Beveridge
    Participant

    OMG!!! The humanity of it all!!!!

    March 10, 2010 at 7:35 am #26809
    iROV
    Participant

    — The U.S. government increased its crude-oil price forecast for 2010 on the outlook for higher demand as the global economy recovers.

    West Texas Intermediate oil, the U.S. benchmark, will average $80.06 a barrel this year, up from last month’s forecast of $79.78, the Energy Department said today in its monthly Short-Term Energy Outlook. That’s 30 percent higher than the 2009 average price of $61.66 a barrel.

    Oil prices are forecast to climb 4.3 percent in 2011 to an average $83.50, the report showed. The estimate for next year was unchanged from February.

    “We’ve revised our economic forecast cautiously upwards,” said Tancred Lidderdale, a government economist in Washington who supervised the monthly outlook. “We are looking for oil prices to rise to $82 by the end of the year and $85 by the end of next year.”

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