Analysts see the development of oil prices optimistic. Since the beginning of the year has reduced prices of raw materials, however. Source: Reuters
blo LONDON. Analysts of U.S. bank Goldman Sachs advised investors to buy the December crude oil contracts traded on the Mercantile Exchange New York Mercantile Exchange. In one study, they pointed out that the supply of oil will soon be scarcer again.
"We expect supply and demand in 2010 are likely to converge. The recovery of the global economy continues to gain momentum, which should spur demand, "says the paper, which has created a team headed by analysts Jeffrey Currie in London.
70-dollar mark below
So far this year has been the variety WTI crude oil but cheaper, at around ten percent. On Friday, a barrel cost even temporarily less than $ 70. Investors had made himself least of all worry that tighter monetary policy in China could slow the economic growth of China and thus the demand for raw materials.
Despite the generally sanguine outlook for the price of oil as well as Goldman Sachs warned that a "significant downside risk still exists" – and only if the current fears should prove to be an end to the economic recovery later than justified.
The price of oil resumed its decline in recent days. The U.S. WTI oil type currently costs $ 72.00 per barrel, Brent 70.60 U.S. dollars. Risks of concern to Euro-member states like Greece, Spain and Portugal drove investors out of commodities. "Pessimism is very great, and everything what is regarded as risky, is sold," said Commerzbank expert Carsten Fritsch. Also, the sharp rise of the U.S. dollar continued at the quoted in U.S. currency resources. On Thursday, oil prices had slipped by as much as five percent – the biggest one-day drop since July 2008. According to traders, some market participants suspect that hedge funds had a greater oil-mined position from its portfolio.