Go Singapore Finance Report - Crude oil prices in Asian markets still in USD90 per barrel despite the crisis that occurred in Egypt until this day. The movement of oil prices is more due to the crude supply report United States (U.S.), which rose more than forecast last week that showed the recovery of crude oil demand has not been evenly distributed.
As quoted by the Associated Press (AP) Wednesday (02/02/2011), price of oil for March delivery rose seven cents to as low as USD90, 84 per barrel in electronic trading on the New York Mercantile Exchange (Nymex). Meanwhile, in London, Brent crude rocketed to more precisely rose 16 cents through the USD101, 9 per barrel on the ICE Futures exchange.
On Tuesday, the American Petroleum Institute (API) announced a report that gasoline inventories rose up to 3.9 million barrels last week, whereas before McGraw Hill Cos. only estimate the increase in stock of two million barrels. Meanwhile, crude oil inventories climbed 3.8 million barrels and distillates fell 1.1 million barrels. Meanwhile, reports from the Energy Department will report new information weekly supply data on Wednesday U.S. time.
Oil prices briefly rose above USD92 per barrel early this week as investors worried about the chaos that occurred in Egypt that could disrupt oil supply as many as two million barrels per day through the Suez Canal. "There is evidence that the supply of crude oil through the Suez Canal will not be disturbed as a result of mass action in the streets of Egypt," said Ritterbusch and Associates report.
In other Nymex trading in the contract of February, heating oil rose 0.6 cents to $ 2, 76 per gallon and gasoline was steady at $ 2, 52 per gallon. Natural gas futures for March delivery rose 1.7 cents at $ 4, 36 per 1,000 cubic feet. (GoFinance)
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