MTECHTIPS;-Brent Crude Oil to average $105/bl in H2, 2013: Goldman Sachs With geopolitical uncertainties dotting the planet in the form of political threats and OPEC supply losses, investment bank Goldman Sachs has said that risks for Brent crude oil has migrated to the upside, Bloomberg News cited.“Reduced output in Libya, Iraq and Nigeria have the potential to limit the availability of oil, according to an e-mailed report. The bank forecast Brent will trade at an average of $105 a barrel in the second half,” the news report noted.The news has far reaching implications on MCX crude oil futures as it closely tracks and is influenced heavily by Brent prices. Meanwhile WTI crude oil futures climbed to a three-day high on speculation that crude oil inventories in US dropped for a third week in a row even as EIA data in this regard would arrive on Wednesday.“Expectations of increased U.S. seasonal demand” is supporting oil prices, said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin to Bloomberg News.“That’s underpinning a recovery story,” he added.According to Bloomberg survey, crude oil imnventories may have dropped by 1.88 million barrels to a a level which was last seen in February.On the NYMEX, the futures of crude oil for delivery on September 13 was seen trading at $105.61/bl, a loss of $0.31 or 0.29% as of 10.21 AM IST. Brent crude oil for the same delivery date was spotted trading at $107.80/bl, a loss of $0.27 or 0.25% as of 10.22 AM IST. WWW.MTECHTIPS.COM 07489294118-119
Posted on: Tue, 16 Jul 2013 09:56:04 +0000
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