Go Finance Report - World oil prices still above USD90 per barrel level in Asian spot market this afternoon after reports employment data United States (U.S.) a better than expected. That is shore up investor optimism about the demand for crude oil continues to rise.
As quoted by the Associated Press (AP), Thursday (06/01/2011), crude oil for delivery in February only rose one cent to USD90, 31 per barrel in electronic trading on the New York Mercantile Exchange (Nymex).
U.S. private sector has opened up 297 thousand new jobs last month, an increase of up to three times more than originally expected by economists. This positive signal was already pushing the S & P 500 rose 0.5 percent early last week.
In addition to data about U.S. unemployment, the decline in crude supplies during this week also helped push oil prices becomes more sloping. U.S. Energy Department announced that U.S. crude inventories had fallen 4.2 million barrels, or 1.6 million barrels lower than estimated previously.
Some analysts such as Richard Soultanian from NUS Consulting estimates that crude oil prices may jump above $ 100 per barrel in the first quarter before the occurrence of a possible global economic slowdown will undermine demand later this year.
"In the second quarter, when it became clear that the Fed will not provide further support to the markets of Europe and that the debt crisis would impact global growth, the market, most likely, be quite debilitating," said Soultanian.
In other Nymex trading in the contract of February, heating oil rose 0.3 cents to $ 2, 54 per gallon while gasoline futures rose 0.9 cents to $ 2, 45 per gallon. Natural gas futures for February rose 5.4 cents to $ 4, 53 per 1,000 cubic feet. meanwhile, in London, Brent crude fell 26 cents to USD95, 24 per barrel on the ICE Futures exchange. (GoFinance)
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