Crude oil demand in China “very disappointing” LEIPZIG. (Ceto) Today, the crude oil price has consolidated at a low level. Until the afternoon, the quotes under mild rashes swayed sideways; US light oil is around 74,30 dollars. While the contracts were traded October still roughly half a dollar higher than on Friday in the morning due to the new front month. At the end of last week, the price of oil had recorded significant losses.
The fundamental situation huge resources are a much lower demand compared to is unchanged. Even speaking the economic data of last week for anything other than a demand. Slightly stabilising impacted today, however some economic data from the euro zone. However, it is distressing that a guarantee for increasing oil demand has reduced its needs China in recent months. Eugen Weinberg, commodities analyst of at Commerzbank, described as very disappointing”the development in the Middle Kingdom. In addition was also in the coming months with hardly an improvement can be expected. Vineyard does not exclude that the price of oil falls to $70 per barrel by the end of the year.
This means his prognosis in contrast to those of other economists, who were interviewed by the news agency Dow Jones. So both the NORD/LB and Landesbank Baden-Wurttemberg (LBBW) expect higher prices. From the perspective of the LBBW were likely term of twelve months oil prices to the $85. At the NORD/LB to reckon with for the year with an average oil price of $ 91 per barrel. Meanwhile, the euro-dollar rate limited the downward travel of local oil prices. According to survey by fuel level and oil Rundschau the reductions amounted to 26 cents compared to the last trading day the national average today. The 100-litre batch cost therefore 66.10 euro fuel oil (EL) a 3,000 litre supply. Still, respond to customers in terms of orders behavior and apparently put on further declines in prices. The risk that they rise again in the fast-moving business, however, is. Consumers should so don’t wait too long with the stock. Michael Urbach editorial Tel.