Crude oil approachs threshold USD 80 per barrel
Crude oil prices on world markets has increased over USD 79 per barrel during the December 30 session after the report showed U.S. crude oil reserves has consecutively decreased for 4 weeks. It is forecasted that U.S. energy demand increases again.
Closing in 30/12 in New York, light sweet oil prices delivered 2/2010 increased up 41 cents to 79.28 a barrel, while Brent North Sea oil prices in London delivered the same period also increased 39 cents to 78.03 USD barrel.
Reserves of crude oil normally decrease at this time of year, the oil refining companies and trading in petroleum discharge pending tax settlement last year. However, although the amount of U.S. crude oil reserves decreased nearly 14 million barrels in four weeks, it is still higher than the same time the previous year.
Market reaction after the U.S. Department of Energy (DOE) announced the country's reserves of crude oil was down 1.5 million barrels in the week ending on December 25, 2009, while refined petroleum products (such as oil and heating oil dieden) also fell 2 million barrels.
It is analyzed that the investors "mark up" the oil price despite the U.S. oil reserves are still very large.
Expert Hussein Allidina of Morgan Stanley Bank to get frustrated when the needs of the oil distillation products of America is still low even in winter. He hoped the situation will be different when the cold days ahead.
In the final electronic session in 2009 in Asia, crude oil price continue closer to the threshold of 80 per barrel and the cause is the reduce of America's oil and gas reserve. In December 31 session in Bangkok, New York light sweet oil prices delivered in 2/2010 continue to rise 28 cents to be USD $79.56 a barrel.
