Asian oil prices Thursday (26 / 8) to extend the increase approaching U.S. $ 73 per barrel following the strengthening of regional stock markets. AP reported benchmark crude oil for October delivery rose 32 cents to U.S. $ 72.93 per barrel at midday when Kuala Lumpur in electronic trading on the New York Mercantile Exchange. The contract rose 89 cents to U.S. $ 72.52 on Wednesday.
Crude has fallen about 11.5 per cent from around U.S. $ 82 per barrel, showing more evidence that the slowdown earlier this month the U.S. economy, where demand for oil and gas will remain sluggish.
"But, traders ignored the weakening of the U.S. new home sales data and purchase of oil with an estimated oil demand will rise in the medium term," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
"Given the prospects for economic recovery, the oil market is considered to have fallen too much, too fast. We saw some absorption of oil prices," Shum said.
He said that OPEC, which has set a number of U.S. 70 USD to $ 80 per barrel as a comfort zone, is likely to take action to reduce supplies at its next meeting in October when prices fell below U.S. $ 70. "I do not expect prices fell below U.S. $ 70 and if not, he (the price) will not dbertahan, because there will be OPEC's actions," he said.
Ritterbusch and Associates said the rally signal will still be happening in the marketplace. "As long as China remains strong demand for oil will return to a price of U.S. $ 80," he said.
The price of natural gas rose 4.8 cents to U.S. $ 3.919 per 1,000 cubic feet on Thursday. Natural gas prices expected to rise this summer caused by a hurricane season that could affect oil production in the Gulf. In NYMEX trading on other markets, for the September contract, the result of heating oil rose 0.79 cent to U.S. $ 1.979 per gallon and gasoline rose 1.67 cents to U.S. $ 1.881 per gallon.
Crude has fallen about 11.5 per cent from around U.S. $ 82 per barrel, showing more evidence that the slowdown earlier this month the U.S. economy, where demand for oil and gas will remain sluggish.
"But, traders ignored the weakening of the U.S. new home sales data and purchase of oil with an estimated oil demand will rise in the medium term," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
"Given the prospects for economic recovery, the oil market is considered to have fallen too much, too fast. We saw some absorption of oil prices," Shum said.
He said that OPEC, which has set a number of U.S. 70 USD to $ 80 per barrel as a comfort zone, is likely to take action to reduce supplies at its next meeting in October when prices fell below U.S. $ 70. "I do not expect prices fell below U.S. $ 70 and if not, he (the price) will not dbertahan, because there will be OPEC's actions," he said.
Ritterbusch and Associates said the rally signal will still be happening in the marketplace. "As long as China remains strong demand for oil will return to a price of U.S. $ 80," he said.
The price of natural gas rose 4.8 cents to U.S. $ 3.919 per 1,000 cubic feet on Thursday. Natural gas prices expected to rise this summer caused by a hurricane season that could affect oil production in the Gulf. In NYMEX trading on other markets, for the September contract, the result of heating oil rose 0.79 cent to U.S. $ 1.979 per gallon and gasoline rose 1.67 cents to U.S. $ 1.881 per gallon.
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