World oil prices persist at the level of USD88 per barrel in afternoon trade in Asia time. A number of these commodities trader was observing the weekly crude oil inventories United States (U.S.) which will soon be announced and notice any signs of improving demand. As quoted by the Associated Press (AP), Tuesday (14/12/2010) the price of crude oil for January delivery fell 41 cents to USD88, 20 per barrel from the previous position which amounted to USD88, 61 per barrel in electronic trading on the New York Mercantile Exchange (Nymex).
Last week, U.S. crude oil inventories fell approximately three million barrels. For that, on this week black gold traders are waiting for the official announcement from the U.S. Energy Department planned tomorrow. Goldman Sachs said that investors are too pessimistic this year about global crude oil demand because most of the consumption growth coming from developing countries.
“This misunderstanding is largely driven by the fact that the recovery has been led by emerging markets, with U.S. oil market is lagging. Inventories outside the U.S. have largely returned to more normal levels as U.S. oil inventories only recently started to withdraw,” said Goldman in his report. Goldman estimates that crude oil prices for next year will average $ 100 per barrel and penetrate the USD110 per barrel in 2012.
In other Nymex trading in the contract of January, heating oil down 0.9 cents to $ 2, 46 per gallon, gasoline futures fell 1.3 cents to $ 2, 31 per gallon and natural gas rose 0.8 cents to $ 4, 43 per 1,000 feet cubic. Meanwhile, in London, Brent crude fell 46 cents to USD90, 73 per barrel on the ICE Futures exchange.
