View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
March 10, 2010

Oil Drops Below $82

Oil prices fell below $82 a barrel today on expectations that OPEC members would keep pumping crude above quotas in the second quarter. For April, US crude dropped 46¢ to $81.63 a barrel by 12am EST, while London ICE April Brent fell 47¢ to $80.01, reports Reuters. A

By cms admin

Oil prices fell below $82 a barrel today on expectations that OPEC members would keep pumping crude above quotas in the second quarter.

For April, US crude dropped 46¢ to $81.63 a barrel by 12am EST, while London ICE April Brent fell 47¢ to $80.01, reports Reuters .

A Reuters poll showed that OPEC is likely to keep oil production targets on hold when it meets in Vienna on 17 March, but it may raise output later this year as the global economy recovers, pushing up demand for fuel.

Falling fuel inventories in the USA and the first few weekly gains in total demand in one-and-a-half years has supported the view that the market will consume supplies from OPEC as Chinese imports increase.

According to the Energy Information Administration, US crude inventories showed a 1.4 million barrel gain to 343 million barrels in the week ending March 5, while petrol stockpiles showed a fall of 2.9 million barrels to 229 million barrels.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology