Oil Price is set to $50 US per Barrel after Bailout

Oil Crude prices rebound above $50 U.S. dollars per barrel, but then declined again on Monday local time, because traders consider the possibility of a decrease in OPEC production this weekend and continued economic turmoil. In New York, light sweet crude oil for January delivery ended at 44.51 U.S. dollars per barrel, down 1.77 U.S. dollars from the closing price Friday. Original oil prices rebound to be 50.05 U.S. dollars per barrel, the highest level since 1 December.

In London, Brent crude North Sea for January delivery picked up to the highest level of 49.96 U.S. dollars per barrel, also the highest peak in the last two weeks, but back off a dogged 44.60 U.S. dollars per barrel, down 1.81 dollars U.S..

The State Oil Organization (OPEC) will be meeting Wednesday, in Oran, Algeria, and is estimated to trim production again to raise the price of oil down by the oppressive peak of global economic concerns.

OPEC Secretary General Abdalla Salem El-Badri said to the reporter right in Oran on Monday, that he will consider the possibility of “a very large decrease” in production of crude oil, adding that “the market the excess supply of oil.” “This morning they (the price) is based on the many announcements by OPEC that the production of a substantial reduction on Wednesday,” said Andy Lipow of Lipow Oil Associates.

“But honesty after that, people continue to see demand from the equation,” he said. “The demand and the economic situation throughout the world continue to push oil prices down.” Oil prices have fallen about two-thirds the number since the highest price reached a record above 147 U.S. dollars five months ago, because of recession in many countries.

Some experts also have questioned whether OPEC members will be obedient to reduce their oil production. “And then of course the market to obtain all of dizziness proposal cutting, the big question today whether there will be fulfilled,” said Phil Flynn of Alaron Trading Corporation.

The oil market is also considering the possibility that the White House will provide some help to the U.S. automotive sector are difficulties, the dealers said.

Victor Shum, energy analyst from consultants Purvin and Gertz, said “oil prices rise again because there are expectations that the U.S. automotive will be saved by the White House.” International Energy Agency (IEA) on Thursday and said the government estimates global oil demand will fall this year for the first time since 1983.

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One Response to “Oil Price is set to $50 US per Barrel after Bailout”

  1. The possibility. They can be used to enter or exit Oran , Algeria \. If you are meddlesome, you have the possibility using barrel.

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