The Black Gold Prices Stable at USD82
Gold Investing May 3rd, 2010
New York – Oil prices managed to stay above USD82 per barrel, at the close of trading Wednesday (11/3/2010) the local time, after time through the level of USD83 per barrel.
The increase in the price of black gold inin followed a government report showed crude oil supplies United States (U.S.) does not grow as expected number of analysts last week.
As quoted from the Associated Press, Thursday (11/3/2010), the price of crude oil for April delivery rose 60 cents to U.S. dollars USD82, 09 at the New York Mercantile Exchange (NYMEX). While in London, Brent crude rose 57 cents to settle at $ 80.48 on the ICE futures exchange.
Energy Information Administration said crude oil inventories last week grew to 1.4 million barrels to 343 million barrels. The analyst expects to grow to 2.1 million barrels, according to a survey by Platts, McGraw-Hill Cos.
“There’s nothing inherent in the report for the purchase price on the black gold leve USD83 per barrel, ‘said oil analyst and trader Stephen Schork. She warned against the movement of oil prices during the last week, focused on real data.
Meanwhile, OPEC said world oil demand to grow by 900 thousand barrels per day this year, on the revision of estimates last month. OPEC said the estimates depend on the ongoing global economic rebound, particularly in the United States
While oil prices rose approximately 17 percent since early last month, crude oil demand in the U.S., the world’s largest consumer of oil, has remained sluggish.
