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Wednesday, November 11, 2009

Crude Oil Softens As News Of Tropical Storm IDA Gets Discounted

Crude oil prices softened as the news of tropical storm IDA hitting Gulf of Mexico got discounted. The storm was a category I storm when it was near the refineries region of Mexico which eased the concerns of stoppages of major refineries. 

Light sweet crude for December delivery fell to $79.05 per barrel, down 38 cents on the session. Prices reached as high as $80.51 earlier in the session. MCX Crude Oil closed the session down by 1.62% or Rs 59 to Rs 3651 per barrel.

The U.S. dollar returned to its overnight levels against the euro after giving back a mid-morning rally. The dollar had tested a 15-month low on Monday.

The International Energy Agency released its World Energy Outlook report on Tuesday, raising its 2010 consumption forecast for the third straight month. The EIA expects consumption to rise to 86.1 million barrels a day next year.

The organization also lowered its forecast for long-term demand, reducing its expectations for 2030 to 105 million barrels a day, compared to last year's forecast of 106 million barrels per day.

The Energy Information Administration's inventory report will be released on Thursday, a day later than usual because of Veterans Day tomorrow
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