Go Finance Report - Crude oil in Asian markets down slightly sloping in the range of USD91 per barrel level after the organization of oil exporting countries (OPEC) predicted demand for crude oil will be higher than previously thought.
As quoted by the Associated Press (AP), Tuesday (01/18/2011), price of crude oil for February delivery fell 44 cents to as low as USD91, 1 per barrel in trading the New York Mercantile Exchange (Nymex). Meanwhile, trading in the U.S. market (U.S.) trading closed on Monday because of Martin Luther King holiday.
World oil prices have the support to be at a safe level after a report about the demand for OPEC crude oil production increased compared to the original prediction.
OPEC estimates that the average crude oil demand in 2011 could reach 29.4 million barrels per day or an increase of 0.4 million barrels per day compared to the year 2010. Meanwhile, compared with the original calculation, this figure increased by 0.2 million barrels per day.
In other Nymex trading in the contract of February, heating oil fell 1.6 cents to $ 2, 63 per gallon and gasoline fell 0.6 percent to USD2, 489 per gallon. Natural gas futures rose 4.5 cents to $ 4, 525 per 1,000 cubic feet. Meanwhile, in London, Brent crude rose 18 cents to USD97, 61 per barrel on the ICE Futures exchange. (GoFinance)
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