Wednesday, December 10, 2008

Oil Prices Rise in Asian Trading

World oil prices higher in Asian trade on Wednesday (10/12), occurred after drop. Meanwhile, investors await weekly U.S. report as a guide around the demand on the world's largest energy user, said dealers.
Contracts for the main New York crude oil types of light sweet January delivery rose U.S. $ 1.21 to U.S. $ 43.28 per barrel. Contract closed at the position of U.S. $ 42.07 per barrel in the United States on Tuesday (9 / 12) after the U.S. was down $ 1.64 per barrel.
Crude North Sea Brent in January delivery also rose U.S. $ 0.98 to U.S. $ 42.51 after closing down U.S. $ 1.89 in the position of U.S. $ 41.53, Tuesday in London.
United States Department of Energy is scheduled Wednesday issued a weekly report on energy reserves. The analyst dipoling by energy information provider Platts estimates oil reserves to increase by 2.7 million barrels in the last week.
Backup gasolin where rising 1.4 million barrels while distillate fuel, including heating oil, which is estimated to fall 1.6 million barrels, the survey shows analysts Platts.
Previously, the market will be meeting next week Organization countries The Oil (OPEC) in Algeria, where the oil cartel is expected to be announced around the decline in production again in order to encourage price.
On Tuesday, OPEC member countries, Libya called for a decrease in production in the upcoming December 17 meeting. "Markets need a substantially different steps," said Shukri Ghanem, the chairman of Libya national oil company.
Given the current price, he said, "I think the price will be close to the base and after meeting OPEC oil prices will return Rebound."
Concern investors about the impact of energy demand due to a weaker global economy has driven oil prices down by around 70% from the record high was reached in mid-July and above U.S. $ 147 per barrel

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