Crude Takes One Step Forward, Two Back
Mar 11th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Monday, oil reversed field dramatically, with crude for April delivery giving up strong early gains to close at $45.71/barrel, down $1.36. April reformulated gasoline fell by 3.8 cents, to $1.2972/gallon.
In its monthly report, the Energy Information Administration kept revising its demand forecast downward. World oil consumption is projected to decline by 1.4 million barrels a day in 2009, the EIA said. That’s 200,000 barrels a day more than the EIA had estimated a month earlier.
The EIA also predicted that oil will average $42 a barrel this year and $53 next year, a slight downward revision to the month-earlier forecast for prices to average $43 and $55, respectively.
Of OPEC’s Sunday gathering in Vienna, Edward Meir, of MF Global (NYSE:MF), said that, “We are seeing the usual mixed signals ahead of the OPEC meeting,” and he predicted that the more hawkish camp will likely succeed in pushing through another cut of 500,000 to 1 million barrels a day.
Source: Crude Takes One Step Forward, Two Back
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