| Extend Oil Price Increase |
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| Thursday, 11 February 2010 10:07 | |||
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London
- World oil prices climbed further on Wednesday local time, reflecting
the "rebounding" (turned up) global stock markets, as growth
expectations for the potential bailout pass the European Union
(bailout) for Greek debt, traders said.
The main futures contract, New York, light sweet crude for delivery in March, rose 53 cents to 74.28 dollars per barrel, after rising 1.86 dollars on Tuesday. Oil Brent North Sea crude for March delivery added 26 cents to 72.38 dollars on Wednesday, after rising 2.02 dollars the previous day. Crude futures had recovered Tuesday as the dollar weakened against the euro is stimulating tastes risk, making crude cheaper for buyers using stronger currencies. Euro could exceed the 1.38 dollars on Tuesday amid speculation the European Union would help solve a fiscal crisis Greece after many players bet against the currency in recent weeks, dealers said. However, the single currency turned lower against the dollar on Wednesday, because the euro zone finance ministers prepared to discuss Greece. Euro zone finance ministers confer by phone about the economic crisis of Greece on Wednesday, because the plan to help Athens out of the budget crisis being arranged. Greek European partners also will convene at a summit in Brussels Thursday. "Hint that the European Union, or rather Germany, Greece will agree to bailing out the debt hole at the European summit tomorrow bring relief to the market with oil, the main beneficiaries, assisted by snowstorms on the East Coast of the U.S. and a weaker dollar," said David PVM Hufton analyst. "The situation is a Greek debt with Lehman bell on it," he added, referring to the U.S. investment bank Lehman Brothers, which collapsed in September 2008 marked the beginning of the global economic crisis. "The failure to support Lehman blamed by many as the seminal moment of financial crisis we are still trying to let go." "Failure to ensure the risk of Greece sent us into the global economic tailspin others and therefore unimaginable." Meanwhile, OPEC oil producers' cartel to maintain moderate growth forecast for world oil demand this year, but warned the economic lambatnyapemulihan obscure expectations. "Slow recovery in world economy in 2010 is putting pressure on oil demand," Organization of Petroleum Exporting Countries said in a report in February. "As a result, U.S. demand is a key uncertainty for this year. Non-OECD area will be the only contributors to global demand growth in 2010." World oil demand in 2010 is estimated to grow 0.8 million barrels per day (bpd) to average 85.1 million barrels per day "in line with previous estimates," the report said. "Global recovery goes fast ... but the strength of progress in 2010 is still uncertain and uneven regional," OPEC found. That's especially the uncertainty about the U.S. economic recovery measures which "creates a risk of falling trend in the country's oil demand this year." Meanwhile across the Atlantic, the traders keep a sharp eye on other cold-weather traction - which usually increases the demand for heating fuel. Report weekly petroleum supply the U.S. Department of Energy, is usually published on Wednesday, was delayed by weather and will be released Friday at 1600 GMT. | Antaranews.com | tenderoffer.biz |
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