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The following article was published in our article directory on December 27, 2010.
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Article Category: Business Management
Author Name: Amanda xzh
Accelerated growth in the global economy, demand for crude oil rose more than expected, while the world's largest crude oil consumer the United States gasoline inventories appeared the most significant decline in a decade, resulting in crude oil prices rose to 26 months, 23 new high.
New York Mercantile Exchange (NYMEX) 2 February delivery of West Texas Intermediate crude oil prices rose $ 0.48 to $ 90.30 a barrel. London Intercontinental Exchange (ICE) 2 February delivery of Brent crude oil prices rose $ 0.42 to $ 93.62. This is from October 2008 to close at the first time since oil prices above 90 dollars per barrel, crude oil prices in 2010 are located in most of the top 80 U.S. dollars. Since May this year, oil prices hit a low of $ 64.24 since the price of oil has rebounded about 40%.
Earlier, the U.S. Energy Information Administration reported that U.S. commercial crude oil inventories last week fell by 530 million barrels for the third straight week of decline, which is located in the Gulf of Mexico and Pacific Coast stock fell the most obvious. In the past three weeks, U.S. crude oil inventories were reduced 1,900 million barrels a day of fuel consumption is equivalent to the United States and the largest since 1998, three weeks of decline. Since November, the U.S. consumed 1930 million barrels of crude oil, crude oil supply rate of decline since May 2008 reached the highest level.
Citi Futures Perspective analyst, said in an interview, the economic recovery will translate into more of a fundamentally tight oil market, and expects the next 6 to 12 months, crude oil prices will rise to $ 93 a barrel. And there are many agencies had predicted that oil prices will be 100 U.S. dollars a barrel in 2011.
The latest U.S. government data showed U.S. economic growth accelerated in the third quarter, GDP grew 2.6%, higher than previously expected. Separate data showed that this year Thanksgiving has appeared in U.S. retail sales stronger than expected growth. National Retail Federation survey, the "Black Friday" retail traffic during the United States increased by 8.7% over last year, the average consumption of 6.4% more than last year.
International Energy Agency (IEA) recently estimated that, after two years of decline, global oil demand has rebounded in the third quarter of the global increase of 330 million barrels per day of crude oil consumption to 8860 million barrels, an increase of 3.8%. Reuters reported that, according to 12 major oil analysts, the average forecast of economic recession rebound in global oil consumption much faster than all expectations, the daily consumption of this year, an increase of barrels, or 2.6%, for 2004 the largest increase since.
Analysts said the cold weather in northern Europe and the United States to become the support for oil prices, U.S. demand for heating oil this week is expected to average higher than normal level of 4.6%. The media survey shows that fourth-quarter surge in demand for fuel oil demand in 2010 increased by nearly record levels, and to be supporting oil prices in recent weeks.
Credit Suisse in New York, Edward Morse, head of commodities research also told the media that rising oil prices to a certain extent, reflect a more refined oil supply shortage.
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