Oil Commentary – 11Nov

Posted: 11 Nov 2009, 5:48pm (ENERGY)


Oil touched the $80 level, but still fall shy of the $82 intraday high last month. The Crude November chart shows that we are stuck in the middle of the recent trading range. Yesterday saw a move over the $80, but slipped back following a report from the American Petroleum Institute that crude stock piles rose more than anticipated.

Tropical Strom Ida came ashore along the Gulf Coast early yesterday. Oil output increased, with daily production from the Kirkuk region of Iraq climbing to 670,000 barrels – Iraq is OPECs third largest producer.

Yesterday saw the International Energy Agency and the US Energy Information Administration forecast that demand would soon rebound in line with a global recovery.

The weekly oil inventories will be announced on Thursday this week, as opposed to the usual Wednesday.

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