| ICP Month July Reached U.S. $ 73.75 |
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| Wednesday, 04 August 2010 08:57 | |||||||
Page 1 of 2 JAKARTA. The average price of Indonesian crude oil during the month of July 2010 based on the calculation formula ICP, reached U.S. $ 73.75 per barrel. This figure dropped to U.S. $ 1.52 U.S. per barrel from the previous $ 75.27 per barrel in the previous month.While the price of Minas / SLC reached U.S. $ 75.10 a barrel, down U.S. $ 3.14 per barrel from the previous month which reached U.S. $ 78.24 a barrel. Indonesian crude oil price declines, according to Tim Price of Oil Indonesia, in line with the main crude oil price developments on international markets caused by several factors, namely the U.S. Department of Energy report that said an increase in U.S. commercial crude oil stocks to 360.8 million barrels of exceeding the expectations of market analysts, primarily due to increased imports of crude oil that reached the highest level since August 2006. In addition, the International Energy Agency (IEA) in its monthly report predicted growth of non-OPEC crude oil supply for 2010 reached 0.8 million barrels per day which represents the highest increase since 2003/2004, the weakening of international stock markets as well as profit-taking action by investors due to increasing concerns over the low growth of energy demand and economic conditions in the U.S. and China are slowing. "Market fears that the U.S. economy will weaken again in the near future after chairman of the Federal Reserce U.S. statement said that the U.S. economic outlook is still bleak and U.S. consumer confidence index plunged to its lowest level in five months, also affect international oil prices during the month of July, "said Tim Price of Oil Indonesia. Another factor is that Hurricane Alex and Bonnie did not affect the operation of oil production and refinery facilities in the Gulf of Mexico so that fears production cuts do not occur. For the Asia Pacific region, the decline in crude oil prices also caused by the discontinued operations of three CDU in Japan with a total capacity of 172 thousand barrels per day to do regular maintenance and consumption mintak TEPCO (Tokyo Electric Power Co..) Japan, which dropped by 41% due to increased output operation of nuclear reactors and nuclear reactors back the Japanese. Read more the average price development of crude oil in international markets during the month of July 2010, as follows:
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