Oil prices "rebound"
New York (ANTARA News) - The price of crude oil "rebound" (turn menguat) local time on Tuesday, a day after coming down sharply, as the market re-consider the concerns about the drop in energy demand in the United States, said the dealer.
New York (ANTARA News) - The price of crude oil "rebound" (turn menguat) local time on Tuesday, a day after coming down sharply, as the market re-consider the concerns about the drop in energy demand in the United States, said the dealer.
Contract main measure New York, crude oil type of "light sweet" for April delivery, closed at 41.65 U.S. dollars per barrel, up 1.50 U.S. dollars from the closing of Monday.
In London, crude oil "Brent North Sea" for April delivery rose 1.49 U.S. dollars to be steady at 43.70 U.S. dollars per barrel.
The analyst, said the traders to reconsider its position, after oil prices fell about 10 percent on Monday, as stock markets worldwide sink amid concerns continue menurunanya the financial sector.
"We saw a recovery yesterday after going down, the" rally "extreme," said independent analyst Ellis Eckland.
"In my study, it is an over-correction in responding fall in the stock market."
Investors had bet that oil prices decrease to close the position because they are monitoring the situation in Nigeria, said Andy Lipow of Lipow Oil Associates.
An oil pipeline operated oil giant British-Dutch Shell, which is the main channel to the Escravos export terminal in southern Nigeria at the end of explosives last week, limiting the production.
Shell did not disclose the details of a reduction in production or what causes the oil pipeline explosion.
The Company has been a regular target of attacks from the militants in southern Nigeria in the last three years.
"Markets are now starting to see a future for the OPEC meeting on March 15," said Lipow.
The State Oil Organization (OPEC), which produces about 40 percent of world crude, announced at the end of the year 2008, total production has been cut 4.2 million barrels per day, in an effort to prevent further decline in prices.
Oil prices have increased overall in the last week menguatnya anticipate the demand for vehicle fuel bermotir in the United States, and indications that OPEC will cut production again, said traders.
"We get the signal varies from OPEC, whether they will make the decision again reduce production or not," said Lipow.
"I think the market is generally estimated that more trimming production as decreasing demand in the world."
Markets jittery after the global economic crisis and the decreasing depth of the financial system continues to pound sentiment, especially because the United States, the world's largest energy consumer, terpuruk into recession.
"Crude oil price levels are close to 40 U.S. dollars per barrel, as traders lost confidence in the possibility the U.S. economy will rebound this year," said David Evans, analyst from BetOnMarkets.com.
"The price of oil is estimated to be very weak this weekend, especially Jelang the weekend, when U.S. employment data will be released."
The government will release February employment data. U.S. economy lost 598,000 jobs in January, pushing unemployment to be the highest position in 16 years, at 7.6 percent.
