According to Servihoo.com:
World oil prices shot higher on Wednesday as traders absorbed tumbling energy stockpiles in the world’s leading consumer country, the United States…..
“With gasoline inventories standing at very low levels, refinery outages plaguing the market and demand running at an all-time high, further gains are likely,” warned Barclays Capital analysts.
Traders’ worries about demand from the United States, the world’s biggest energy consumer, resurfaced Tuesday after a monthly survey showed US consumer confidence — a key gauge of economic well-being — fell amid a deepening housing market crisis.
Despite the recent financial turbulence, oil demand was likely to remain strong and the Organisation of the Petroleum Exporting Countries cartel should increase output, the Financial Times on Wednesday quoted the International Energy Agency (IEA) as saying.
IEA head Claude Mandil told the specialist Arab Oil and Gas review meanwhile that “more crude oil is needed, therefore, but unfortunately the signals being sent out by OPEC do not leave us much hope in that regard.“
The OPEC oil producers’ grouping meets on September 11 in Vienna but dealers do not expect the cartel to adjust its output ceiling.
This is just a sample taste of what is to come…
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