Right Lane Cruiser
07-09-2009, 06:41 AM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg Sluggish demand pushed up last week's inventories of gasoline, diesel and other petroleum products to the highest level in 11 years. (http://www.marketwatch.com/story/crude-oil-futures-climb-above-61-per-barrel)
http://www.cleanmpg.com/photos/data/501/oilprices.jpgChris Oliver - MARKETWATCH (http://www.marketwatch.com) - July 9, 2009
Are we seeing the start of another rollercoaster ride in prices? --Ed.
Crude-oil futures rebounded in electronic trade Thursday, rising above the $61 a barrel mark, after falling for six straight sessions.
Oil futures were up $1 at $61.14 a barrel in the Globex electronic session in late business hours in Singapore.
UBS said Thursday it had lifted its oil-price view for 2009 and 2010 to $70 a barrel from $51 this year and $58 next, citing second-quarter prices coming in $10 a barrel higher than its forecast; declining inventories in the second half of 2009 and into 2010; and a weakening dollar in 2010 and 2011.
In spite of its upbeat view, the broker cautioned soft demand and bloated inventories added up to a relatively weak outlook on fundamentals at a time when leading producer nations had plenty of spare capacity.
Crude-oil futures tumbled more than 4% Wednesday to close at $60.73 a barrel on the New York Mercantile Exchange, the lowest settlement price for a... http://www.marketwatch.com/story/crude-oil-futures-climb-above-61-per-barrel
http://www.cleanmpg.com/photos/data/501/oilprices.jpgChris Oliver - MARKETWATCH (http://www.marketwatch.com) - July 9, 2009
Are we seeing the start of another rollercoaster ride in prices? --Ed.
Crude-oil futures rebounded in electronic trade Thursday, rising above the $61 a barrel mark, after falling for six straight sessions.
Oil futures were up $1 at $61.14 a barrel in the Globex electronic session in late business hours in Singapore.
UBS said Thursday it had lifted its oil-price view for 2009 and 2010 to $70 a barrel from $51 this year and $58 next, citing second-quarter prices coming in $10 a barrel higher than its forecast; declining inventories in the second half of 2009 and into 2010; and a weakening dollar in 2010 and 2011.
In spite of its upbeat view, the broker cautioned soft demand and bloated inventories added up to a relatively weak outlook on fundamentals at a time when leading producer nations had plenty of spare capacity.
Crude-oil futures tumbled more than 4% Wednesday to close at $60.73 a barrel on the New York Mercantile Exchange, the lowest settlement price for a... http://www.marketwatch.com/story/crude-oil-futures-climb-above-61-per-barrel