Oil prices have surpassed the milestone of $ 90 per barrel Tuesday in close more low on agenda as analysts expected tighter supplies would send prices above $100 by 2011.
The gain is the first time that prices rose above the level of $90 in more than two years.
Pumpjacks appear near Stettler, Alberta, in 2007. Analysts predict oil prices will reach $ 100 per barrel in 2011. (Larry MacDougal/Canadian Press)
Oil for January delivery closed 69 cents to $88.69 per barrel on the New York Mercantile Exchange.
The contract previously concluded $90.76, its highest level since October 8, 2008.
The price of oil soared more than $10 for the last two weeks.
Oil was most valuable export of Canada 2009, winning $ 42.5 billion.
Oil prices were relatively stable for more than a year, but more recently moved that the Federal Reserve announced its intention to inject $ 600 billion into the economy.
Wall Street analysts suggest rising demand in China and other emerging economies will raise the price of $100 per barrel sometime next year.
Morgan Stanley predicts that unused production capacity around the world will be reduced by half in two years, falling to levels observed in 2007 and 2008.
He said once more raise tensions on supplies and hunger in the world for oil.
A price of $90 is on top of the range considered "comfortable" by oil exporters main planet. The above prices that could crimp demand and stifling economic growth.
"This could in turn speculation that OPEC will decide actions to dampen prices extraordinary meeting at the end of week, which could take the wind in the sails of the manifestation of for some time, oil prices" said a report by Commerzbank in Frankfurt.
No comments:
Post a Comment