正文
Crude Oil Advances as Citigroup, Merrill Lynch Raise Forecasts
June 10 (Bloomberg) -- Crude oil rose more than $3 a barrel as Merrill Lynch & Co. and Citigroup Inc. raised their price forecasts amid concern that supply from outside OPEC isn\'t rising as fast as expected.
The International Energy Agency lowered its estimate for non-OPEC output this year by 300,000 barrels a day to 50.04 million a day in its monthly report today. Citigroup boosted its 2008 Brent outlook 22 percent to $116.60 a barrel, while Merrill Lynch raised its own by 14 percent to $114.
``We do see fundamental reasons behind the ongoing upward trending of oil prices,\'\' James Neale, a London-based analyst at Citigroup, wrote in a report. ``The fact that demand, while softening, is by no means falling low enough to materially offset this tightening supply.\'\'
Crude oil for July delivery rose as much as $3.63, or 2.7 percent, to $137.98 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $137.63 price at 1:13 p.m. London time. Futures reached a record $139.12 June 6 and have more than doubled in the past year.
Crude fell as much as 0.7 percent earlier today after the International Energy Agency, the energy adviser to 27 nations, trimmed its prediction for 2008 oil demand by about 70,000 barrels a day to 86.77 million barrels a day.
Saudi Arabian Oil Minister Ali al-Naimi said yesterday that producing and consuming nations should meet ``soon\'\' to discuss how to deal with the record cost of crude, which ``isn\'t justified in terms of market fundamentals.\'\' Supplies are sufficient, OPEC President Chakib Khelil said.
London\'s Brent
Brent crude oil for July settlement rose $3.53 to $137.44 a barrel on the Intercontinental Exchange in London at 1:14 p.m. local time.
The dollar advanced to a three-month high against the yen and gained for a second day against the euro after Federal Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have diminished, prompting traders to increase bets on higher interest rates.
The U.S. currency\'s 5.9 percent slide versus the euro this year has boosted demand for oil as investors buy dollar-priced commodities as a hedge against quickening inflation.
June 10 (Bloomberg) -- Crude oil rose more than $3 a barrel as Merrill Lynch & Co. and Citigroup Inc. raised their price forecasts amid concern that supply from outside OPEC isn\'t rising as fast as expected.
The International Energy Agency lowered its estimate for non-OPEC output this year by 300,000 barrels a day to 50.04 million a day in its monthly report today. Citigroup boosted its 2008 Brent outlook 22 percent to $116.60 a barrel, while Merrill Lynch raised its own by 14 percent to $114.
``We do see fundamental reasons behind the ongoing upward trending of oil prices,\'\' James Neale, a London-based analyst at Citigroup, wrote in a report. ``The fact that demand, while softening, is by no means falling low enough to materially offset this tightening supply.\'\'
Crude oil for July delivery rose as much as $3.63, or 2.7 percent, to $137.98 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $137.63 price at 1:13 p.m. London time. Futures reached a record $139.12 June 6 and have more than doubled in the past year.
Crude fell as much as 0.7 percent earlier today after the International Energy Agency, the energy adviser to 27 nations, trimmed its prediction for 2008 oil demand by about 70,000 barrels a day to 86.77 million barrels a day.
Saudi Arabian Oil Minister Ali al-Naimi said yesterday that producing and consuming nations should meet ``soon\'\' to discuss how to deal with the record cost of crude, which ``isn\'t justified in terms of market fundamentals.\'\' Supplies are sufficient, OPEC President Chakib Khelil said.
London\'s Brent
Brent crude oil for July settlement rose $3.53 to $137.44 a barrel on the Intercontinental Exchange in London at 1:14 p.m. local time.
The dollar advanced to a three-month high against the yen and gained for a second day against the euro after Federal Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have diminished, prompting traders to increase bets on higher interest rates.
The U.S. currency\'s 5.9 percent slide versus the euro this year has boosted demand for oil as investors buy dollar-priced commodities as a hedge against quickening inflation.
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