Analysts’ forecasts of oil prices.
2010-03-11 12:36 |
Analysts’ forecasts of oil prices.
April Brent contract on London's ICE futures exchange lost so far $0.16 to $80.32 a barrel. On the Nymex it decreased by $0.08 to $82.01 a barrel. Price was frequently changing, because investors didn’t figure out yet if the recent gains are sustainable.
On Wednesday U.S. Department of Energy reported that gasoline and distillate inventories decreased unexpectedly by 2.9 million and 2.2 million barrels respectively.
Never the less, Petromatrix reminded that U.S. crude and clean petroleum product inventories rose by 21 million barrels since the beginning of the year. Sufficient supply amount can stop further increase in oil prices. MF Global, on the other hand, projects investors’ demand and technical momentum can push prices higher to test 2010 highs.
However, potential double-top at $83.95 a barrel (Nymex) will signal technical sell and prices will be pulled back below the $80 a barrel. Dollar strength is also regarded as an important holding factor.
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