The World Bank predicts oil prices in 2010 are in the range of USD63 per barel. Before the World Bank predicted in 2009 the price of $ 55 oil, 5 per barrel.
In the report “Economic Development and Prospects,” World Bank rate for 2010 oil price USD63 per barrel to avoid a crisis in the oil producing countries. The price is still below average in 2008, when there price booming oil.
“World oil demand remains low,” said the World Bank. International financial institutions assess the oil price in 2009 was influenced by factors that trigger price hikes before mid-2008. In London, oil prices yesterday fell in the range of USD69 per barrel or continued losses over the past two weeks.
Investors doubted the economic recovery in the United States (U.S.) and the problems in Iran and Nigeria. Last Friday (3 / 10) of crude oil prices fell 1% because there are doubts about the recovery in the U.S. as the announcement of termination of employment (FLE) in September recorded U.S. 263.000. Unemployed jumped at the highest level during the last 26 years.
“With the macro numbers worsened the U.S., energy demand will weaken over the coming weeks,” said MF Global analyst Edward Meir. “Investors are also monitoring the U.S. stock market decline and geopolitical facts on the Iran and Nigeria.”
U.S. last Friday, crude palm oil price for November delivery fell 79 cents to USD69, 16 per barel. Solution oil contract fell 87 cents to USD69, 95 per barel. London Brent weakened 87 cents to as low as USD67, 20. The weakening U.S. dollar (USD) will also push oil prices.
“We have more oil price index is influenced by the USD compared to global economic data or the current oil fundamentals,” said Olivier Jakob of Petromatrix. “Last week, depressed by the geopolitics of oil of Iran and Nigeria. This week we start by eliminating the geopolitics of that.”
Last week the oil had gained 6% after the announcement of reduction in premium in U.S. stocks. Next Iran under pressure over the Nuclear Project. Price then weakened after the U.S. and Iran held productive talks under the UN flag.
Oil had gained at the level of USD75 per barrel of oil rose this Agustus.Year approximately 55%. Oil was in the highest position, USD147perbarel, in Juli2008.
