Take the oil to a high position in Six Months

Take the oil to a high position in Six Months


Crude oil price reached the highest position in the new six-month over 63 U.S. dollars per barrel on Wednesday local time, Jelang OPEC meeting in the middle of the expectation that economic recovery could trigger demand, traders said.

Contract main measure New York, crude oil type of "light sweet" for delivery in July, up one from the closing of the U.S. dollar Tuesday to be finished in 63.45 dollars per barrel - a level last seen in early November.

Crude oil "Brent North Sea" for the handover in July in London, up 1.26 U.S. dollars, also the highest position to a new six-month U.S. dollar at 62.50 per barrel.

"Oil markets continue to react to each ekonmi good news, partly because of fear of inflation expectations in the background of the recovery, but also because the economic recovery and increase in global oil demand will be hit hard due to continued supply menurunan investment in oil," said Phil Flynn of Alaron Trading .


Markets are awaiting a meeting of key data and the OPEC crude oil supplies last from the U.S. Energy Information Agency (EIA), U.S. Department of Energy (Doe), both on Thursday.

The members of OPEC, on Wednesday, indicated they will maintain their production did not change their meeting on Thursday, grounded signal membaiknya the world economy will help absorb the excess production at this time.

Most of the 12 member cartel yajin market is still excess supply, shown by the high level of stock in the world, but they look happy with the price increase after a long (rally) in the two weekends ago that have brought crude oil above 60 U.S. dollars.

Saudi Arabia, the most influential country in the cartel, the signal point increase in the demand and the appeal will be pushing to maintain the target production of the group remain, while a special meeting of OPEC ministers Thursday.

Although the market has seen mendiskon quota for OPEC, the cartel nemun komunike "will remain important, because that will give the market the better," said MF Global analyst, Edward Meir.


Iranian Oil Minister Gholam Hossein Nozari on Saturday, said he also estimate OPEC to maintain its production target fixed.

Iran is a traditional vendor price between 12 members of OPEC and generally lead a decrease in production of advocacy.

Crude oil prices have increased sharply in the last weekend-this weekend, which has helped the pressure on OPEC members to reduce production even if still far below 75 U.S. dollars that they want.

OPEC production has been down the target three times last year, to keep the price down from record high above 147 U.S. dollars per barrel in July 2008 to be 32.40 U.S. dollars in December.