Go Finance Report - Crude oil prices in Asian markets are still in the range of USD91 per barrel with a tendency of slight decrease. Today's price movement is influenced by reports that China's inflation rate soared, and investors who choose to install the wait and see attitude ahead of weekly report on crude inventories United States (U.S.).
As quoted by the Associated Press (AP) Thursday (20/01/2011). oil prices for March delivery fell 15 cents to as low as USD91, 66 per barrel in electronic trading on the New York Mercantile Exchange (Nymex)
China's economy recorded 9.8 percent growth in fourth quarter 2010, up from a 9.6 percent third quarter. However, these achievements are still less than the growth rate in the first quarter reached 11.9 percent. This achievement is influenced by the inflation factor that has skyrocketed in the country Panda.
Meanwhile, the black gold commodity traders are awaiting reports crude inventories from the U.S. Department of Energy as a guide to see the strength of demand in the future.
U.S. oil supplies will be announced on Thursday local time, back a day because of the Martin Luther King Jr. holiday on Monday. McGraw Hill Cos. predicted a decline in crude supplies by 2.2 million barrels.
Later, the figures published should also reflect the condition of Gold Alaskan pipeline leak last week which contributed 13 percent of daily oil production to delivery on the West Coast.
In other Nymex trading in the contract of February, heating oil down 0.1 cents to $ 2, 655 per gallon and gasoline slipped 0.1 cents to $ 2, 481 per gallon. Natural gas futures were up 1.5 cents to $ 4, 575 per 1,000 cubic feet. Meanwhile, in London, Brent crude fell 29 cents to settle at USD97, 87 per barrel on the ICE Futures exchange. (GoFinance)
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