Crude Oil Trades Little Changed as Demand Concerns Intensify
Posted by batchblogsNov 4
Crude oil futures were little changed before a report that may show accumulating
stockpiles of crude in the U.S., where manufacturing shrank at the fastest pace in 26 years last month.
U.S. crude oil inventories probably rose for a sixth week because of declining demand, according to a Bloomberg survey before tomorrow’s Energy Department report. Credit Suisse Group AG, Switzerland’s second-biggest bank, cut its 2009 price forecast to $58 a barrel from $73 on prospects of weak demand in China.
“U.S. demand is sluggish; it will stay weak, and I’m not expecting the emerging markets will be able to support demand,” Bayram Dincer, a commodity research analyst at Dresdner Bank, said by phone from Zurich. “The market will probably test $60, and maybe we will have new lows of $55 this year.”
Source [ Bloomberg ]
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Future markets bring together valuable information about the market’s expectations about future supply and demand conditions in the physical market - conditions that will ultimately determine the price for oil. I think investors can use the advantages.