Commerzbank: oil market is saturated in the short term.
2010-03-09 13:16 |
Oil prices fall.
Oil futures lost 2% on Tuesday trading below $81 a barrel. Oil prices were influenced by the growth of dollar and the predicted increase in inventories.
Crude oil for April delivery decreased by 1.7% to $80.54 a barrel in electronic trading on Globex, hitting an intraday low of $80.35 a barrel.
According to analysts of Commerzbank AG, high level of commercial oil inventories in OECD countries means in the short term that the market is saturated.
The market is looking forward to the report of weekly inventory data American Petroleum Institute and the U.S. Energy Information Administration's monthly short-term energy outlook.
U.S. stocks of crude oil are expected to rise by 2.1 million barrels. The EIA currently projects that global consumption of liquid fuels will increase to 1.2 million barely a day in 2010 and to 1.6 million barrels a day in 2011.
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