Crude ignores OPEC move, focus on U.S. supplies.(Organization of the Petroleum Exporting Countries)(Brief Article)
Pro Farmer, March, 2005
OPEC countries agreed last week to boost output by 500,000 barrels per day (bpd) in April and add another 500,000 bpd to output in the second quarter if needed.
Even before the increase was announced, many doubted if it would really impact crude oil prices. But crude futures shot past $56 per barrel after the U.S. Energy Information Agency (EIA) reported a 2.9-million-barrel decline in gasoline supplies.
While funds have been credited/ blamed for the strength in crude oil futures, international demand remains strong. China's demand has been revised upward by EIA, with overall world demand growth running at 2.5% per year during 2005 and 2006.
The strong underlying demand and fund push in crude oil futures are factors in why we urged Members...
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