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Saturday, February 11, 2012

crude oil prices forecast feb 13 2012

crude oil prices forecast feb 13 2012 : Crude-oil futures prices fell Friday in line with broader market declines as the International Energy Agency cut its estimates for global oil demand this year.

Light, sweet crude for March delivery settled $1.17, or 1.2%, lower at $98.67 a barrel on the New York Mercantile Exchange, ending the run of three-straight session of gains. Brent crude on the ICE futures exchange fell $1.22 to $117.47 a barrel.

Prices fell as the IEA, which represents major oil-consuming nations, cut its oil-demand growth forecast for 2012 by 0.3 million barrels a day and said the market has enough flexibility to handle the loss of Iranian oil. The potential for further slow growth in China, and with it slowing oil demand, is contributing to the declines, said Dominick Chirichella

The downgrade to the IEA's demand expectations follows a similar move by the Organization of Petroleum Exporting Countries earlier this week. In its monthly oil report published Thursday, OPEC slashed 120,000 barrels a day from its estimate of oil demand growth.

The IEA report took the wind out of an oil market that had risen for most of the week. Thursday, crude futures closed at their highest level in three weeks, briefly topping $100 a barrel, and traders have said still-simmering tensions in Iran are keeping a floor under prices. Everyone is still concerned about Greece. The equities markets are taking their hits here, and crude is just following along.

Oil has been staying in pretty close range above 97.00 and below 100’s except in response to rumor and rhetoric.

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