Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  WTI       

WTI
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

OPEC Official : Current Oil Prices Not Justified By Fundamentals

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/20/2012 | 08:26pm CET

Current oil prices aren't justified by fundamentals, but are rather juiced up by speculation and worries over potential oil-supply disruptions, an Organization of Petroleum Exporting Countries official said Friday.

"This upward movement in prices has been primarily driven by geopolitical factors, amplified by excess speculation," Hasan Qabazard, director of OPEC's research division, said in a statement to the International Monetary Fund.

The IMF said the risk of oil prices spiking on the back of escalating tensions with OPEC producer Iran was one of the major threats to a global economic recovery.

Friday around 1:30 p.m. EDT, front-month crude on the New York Mercantile Exchange traded at $103.49 a barrel, while Brent traded at $118.78 a barrel.

Qabazard said OPEC oil production has seen a steady rise in recent months to 31.3 million barrels a day in March, which "far exceeds the market requirements for OPEC crude oil this year."

Despite geopolitical tensions, the IMF forecasts oil prices to fall marginally this year and next, absent any major supply disruptions.

The OPEC official said crude stocks with the Organization for Economic Cooperation and Development are at comfortable levels, though affected by persistently below average levels in Europe. OECD crude stocks "are expected to see an upward trend, in particular due to high crude oil supply," he said.

Commercial stocks in the OECD stood at more than 58 days' cover at the end of February, Qabazard said.

"That level is not likely to fall significantly, as OECD consumption is expected to continue to decline in the current year," he said. Non-OECD stocks have continued to show a steady increase, particularly in China and India, he added.

-By Ian Talley, Dow Jones Newswires; 202-631-5794; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WTI
07:06p Oil Hovers Near Three-Year Highs as Investors Parse Supply Data
05:16p NEWS HIGHLIGHTS : Top Energy News of the Day
05:01pUNITED STATES : Crude Oil Inventories lower than estimates at -6.9M
03:50p EXXON MOBIL : Acquires Exploration Acreage Offshore Ghana
03:28p A Quiet Year Ahead for Uniper, Says RBC -- Market Talk
03:12p BHP Billiton Steady on Petroleum, Copper, Others -- Commodity Comment
02:30p BP : Returns to a Northern Iraq Now Free of Islamic State
01:16p NEWS HIGHLIGHTS : Top Energy News of the Day
01:10p Supply Risks Support Oil Near Three-Year High
10:35a Iraq, BP to Sign Deal to Raise Kirkuk Oil Output -Reuters
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | 4-Traders
Technical analysis trends WTI
Short TermMid-TermLong Term
TrendsBullishBullishBullish