Crude was around $ 63 per barrel
2009 May 28
Crude was still hovering around $ 63 per barrel retaining the 6 month high level on the back of Saudi Arabia saying that the global economy had strengthened enough to cope with oil at $ 75 to $ 80 levels. OPEC meet is scheduled for today.
Nymex July contract settles up 1.6% at $ 63.45/bbl due to declines ahead of OPEC meet. OPEC says that it may not cut production. Fuel demand rise in Asia. OPEC will push for better compliance. Barclays forecasts crude at $ 80/bbl by year end. US Department of Energy says that the supply concerns will take crude to $ 110 by 2015. US inventory data will be released today. Near-term range for crude is seen between $ 59-65/bbl.
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