Go Finance Report - World oil prices despite a slight pressure remained at the level of USD91 per barrel. The traders of this commodity is still wait and see attitude towards the expected demand for the U.S. economy would recover soon to push crude oil above $ 100 per barrel.
As quoted by the Associated Press (AP), Friday (01/14/2011), price of crude oil for February delivery fell 33 cents to USD91, 07 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) at noon time Asia.
Unemployment data submitted by the Labor Department said that the more people who filed unemployment claims last week. This gives the signal optimism that economic recovery is underway.
Previously, a number of analysts predict the U.S. economy will stumble this year and will reduce crude oil consumption and depressing prices. Capital Economics predict oil prices will come down to as low as USD75 per barrel in 2011.
"Economic growth is weaker than expected this year would push demand and speculation that industrial commodity prices expected to drop at least 20 percent by the end of 2011 and thereafter will continue in 2012," Capital Economics said the report.
However, most other economists even see signs of U.S. demand is getting better and increase consumption of crude oil in emerging markets that will hoist the oil price to U.S. $ 100 per barrel this year, as predicted Morgan Stanley.
In other Nymex trading in the contract of February, heating oil rose 0.8 cents to $ 2, 62 per gallon, while gasoline futures rose 1.1 cents to $ 2, 46 per gallon. February natural gas futures was steady at $ 4, 41 per 1,000 cubic feet. Meanwhile, in London, Brent crude rose 34 cents to USD98, 40 per barrel on the ICE Futures exchange. (GoFinance)
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