14 October 2008 09:05 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures gained a further $2/bbl on Tuesday, buoyed by the early success of concerted moves by leading economies to rescue banks and restore stability to battered financial markets. ?xml:namespace>
At 07:25 GMT, November NYMEX light sweet crude futures were trading at $83.72/bbl, up $2.53/bbl on Monday’s settlement level, having earlier hit a high of $83.77/bbl, up $2.58/bbl.
At the same time, November Brent on ?xml:namespace>
Tuesday’s rally follows a 4% gain in crude prices the previous day. It also comes after sharp falls last week when crude values slumped to their lowest levels in over a year on fears that a global economic recession would lower oil demand.
Meanwhile on Monday Goldman Sachs, which had been one of the most bullish oil price forecasters, substantially lowered its year-end forecast for US crude oil to $70/bbl. Previously Goldman Sachs had forecast the year-end price at $115/bbl.
In its monthly report released on Friday, the International Energy Agency (IEA) cut its oil demand forecasts for 2008 and 2009 by 240,000 bbl/day and 440,000 bbl/day, respectively, given weaker OECD deliveries and the International Monetary Fund’s (IMF) downward revisions to 2009 global gross domestic product (GDP) assumptions.
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