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Thursday, November 12, 2009

Oil Slips Below $79 As Inventories Weigh

Crude oil futures fell below $79 a barrel ahead of the weekly crude oil stockpiles date, which is expected to show a increase last week. 

The International Energy Agency increased its forecast for 2010 global oil demand as the pace of economic recovery in Asia and the Middle East picks up.

Global oil consumption is likely to average 86.2 million barrels a day next year, 140,000 barrels more than previously estimated, the IEA said in its monthly report. Surging demand in China and Saudi Arabia, as well as somewhat higher than anticipated data for the U.S. led to the increase in estimates, the Paris-based agency said.

Crude for December delivery fell as much as 48 cents, or 0.6 percent, at $78.80 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $78.87 a barrel recently.

The U.S. Energy Department is scheduled to release its weekly report at 11 a.m. in Washington, a day later than usual because of the Veterans' Day holiday yesterday.

MCX Crude futures November contract is trading down Rs 4 at Rs 3674 per barrel. A fall below 3681 may take it further downwards with support at 3653 & 3625 levels. A lot will depend on the inventory data.
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