Crude Prices Climb on Uprising Demand Expectation -Shanghai Metals Market

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Crude Prices Climb on Uprising Demand Expectation

Data Analysis 09:56:17AM Dec 22, 2010 Source:SMM

NEW YORK, Dec. 22 -- Crude prices on Tuesday climbed for the third straight day to near 90 U.S. dollars a barrel on higher demand expectation.

Oil traders felt optimistic about U.S. economy growth in the coming year, bolstering demand in the world's biggest oil- consuming country. Final GDP data scheduled to be released by the Commerce Department on December 22 will probably show growth of 2. 8 percent in the third quarter, up from an estimate of 2.5 percent last month, according to analysts.

Following up Europe and northeastern United States, northeastern China began to suffer from harsh winter. Freezing cold weather boosted the fuel demand expectation.

U.S. Energy Information Administration will report the weekly U. S. crude inventories data, which is predicted to fall by the market in a sign of rising demand.

Light, sweet crude for February delivery rose 45 cents to 89.82 dollars a barrel on the New York Mercantile.

Brent North Sea crude for delivery in February climbed 46 cents to 93.20 dollars a barrel in London trade.

 

Key Words:  crude oil   crude oil price 

Crude Prices Climb on Uprising Demand Expectation

Data Analysis 09:56:17AM Dec 22, 2010 Source:SMM

NEW YORK, Dec. 22 -- Crude prices on Tuesday climbed for the third straight day to near 90 U.S. dollars a barrel on higher demand expectation.

Oil traders felt optimistic about U.S. economy growth in the coming year, bolstering demand in the world's biggest oil- consuming country. Final GDP data scheduled to be released by the Commerce Department on December 22 will probably show growth of 2. 8 percent in the third quarter, up from an estimate of 2.5 percent last month, according to analysts.

Following up Europe and northeastern United States, northeastern China began to suffer from harsh winter. Freezing cold weather boosted the fuel demand expectation.

U.S. Energy Information Administration will report the weekly U. S. crude inventories data, which is predicted to fall by the market in a sign of rising demand.

Light, sweet crude for February delivery rose 45 cents to 89.82 dollars a barrel on the New York Mercantile.

Brent North Sea crude for delivery in February climbed 46 cents to 93.20 dollars a barrel in London trade.

 

Key Words:  crude oil   crude oil price