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Intl demand to decline as oil prices surge further

10
Apr '08
Oil prices stood stable at US $111 a barrel toady morning after making new records in the last session because of unexpected fall in US crude inventories.

A drop of 3.2 million barrels in crude stocks was discerned last week taking the market off guard since it was actually anticipating an increase of 2-3 million barrels rather than a decline.

Market analysts had expected an increase of 2.4 million barrels. The decline, however, pushed up the prices for light, sweet crude for May delivery by $2.37 to settle at $110.87 a barrel on the New York Mercantile Exchange on Wednesday. Infact, it exceeded the previous trading record of $111.80 last month to touch $112.21 a barrel during the floor session.

Today, by mid-morning in Singapore, the contract rose by 2 cents to $110.89 a barrel in Asian electronic trading.

Prices of Brent crude also rose by a cent to $108.48 a barrel on ICE Futures Exchange in London.

Despite concerning decline in global demand, prices for oil have shown no signs of recession. On the contrary, demand for gasoline and oil is expected to fall further due to rising prices.

Report by International Monetary Fund has indicated towards a further slowdown in US economy.


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