subject: Economic Recovery Drag International Oil Prices [print this page] With global economic recovery, international oil prices also appear weak. New York stock exchange' electronic trading in oil futures prices in October decline 0.9%, 72.42 U.S. dollars per barrel. Since this year, the futures price has fallen 8.6%.
Although global economic begin to recovery, but the market for future economic recovery efforts and whether sustainable remains skeptical, neither confidence nor pessimistic. In this context, the international oil prices this year, smoothly operation, fluctuation is obviously narrow.
However, compared to 2008 and 2009, this year volatility eases many. Data shows that by 2010, the international oil price is 81.51 dollars a barrel. The average price for the first quarter is 78.09 U.S dollar, up 2.7%. But in the second quarter, obviously, oil prices dropped obviously, the average price is 78.88 U.S dollars. Since June, international oil prices presented step of weaker. So far this year, the international oil prices fluctuating range for $70 - $85.
Actually, as the global economic recovery appears new worries, crude oil prices fell lowest nearly seven weeks, while petrol futures prices even create nearly nine months lowest. Data shows, since August crude prices fell more than $9. Despite the early has surged around $82 per barrel, but then in declines situation, currently wandering $72 a barrel. Market analysts say, since August, stock prices decline 1% the oil price will subsequently decline 2.5% to 3%. We expect this trend will continue in the future.
Economists predict that the U.S. is released on Friday in the second quarter of economic growth; government estimates from the original 2.4% adjust to 1.3%, which show that economic recovery pace slowed sharply. And from the information the Euro zone is also worrying.
Under the global economic recovery increased uncertainty situation, international oil prices will not escape the weakness trend. Bank revenue lower the expectation, the real estate market dull, domestic high unemployment, these are predicted the American economy still have to worry. In addition, with the summer driving season ended, the tourism oil demand will generally in the third quarter fell dramatically. But the American economy make many investors worry this year, the weak U.S. autumn oil demand will be longer than usual time. Although including India's emerging economies still maintained a fast developing speed, but most economists argue that it is not enough to bring the decisive global oil demand.
With crude oil demand is different, the prospect of the weak U.S. crude oil inventories are in the highest level in 27 years. Analysts expect that U.S. crude oil and inventory report will show gasoline stockpiles of mild slowdown, but still will remain high. Among them, crude oil inventories fell by 0.4 million barrels, gasoline stocks will also decline 0.4 million barrels, including heating oil and diesel in distillate stocks will increase 0.8 million barrels.
