Crude prices were largely influenced by limited flow from the port of Ceyhan in Turkey,...
Crude prices last week were largely influenced by limited flow from the port of Ceyhan in Turkey, which was devastated by two massive earthquakes.The main driver for the price of oil this week will certainly be the latest reading in U.S. inflation, but keep an eye on demand forecasts from the likes of OPEC and the IEA, analysts said.
UBS maintains a forecast for triple-digit crude. Giovanni Staunovo, the author of Friday’s report on Russia’s production decision, told the Chronicle he’s looking at the upcoming market reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency to determine the direction of China’s demand and Russian crude oil production, the main drivers of the price of oil for the better part of a year.
"With Saudi Arabia raising prices for its flagship crude for Asian buyers for the first time in six months amid a change in mood music over global recessionary risks and China's tentative rebound, cautious optimism is spreading across the market," he said. The word there is mixed. Thomas Barkin, the president of the Federal Reserve Bank in Richmond, Virginia, said last week that inflation peaked, but questioned whether or not it was in a long-term decline.
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