Up, Up and Away!
commods.reuters.com
Asia oil demand seen up 400,000 bpd in 1999-report
SINGAPORE, Dec 23 (Reuters) - Asian oil demand in 1999 is expected to rise 400,000 barrels per day (bpd) compared with 1998, the Hawaii-based East-West Centre said in a report on Wednesday.
It said global oil demand was expected to grow 1.2 million bpd next year, double the 600,000 bpd growth seen in 1998.
But the global growth for next year would fall short of the 1.98 million bpd growth seen in 1997, it said.
Similarly, Asia's demand growth forecast for next year was below the 1997 growth of 639,000 bpd.
The report said the fall in Asian demand this year, which subsequently impacted global demand, had been a bigger factor in keeping oil prices down than worries about over production by Iran and Venezuela.
The report said the expected demand growth in 1999 would support West Texas Intermediate (WTI) crude futures in the $13-$15 range, it said.
Front-month WTI futures were trading at 0445 GMT on Wednesday at $11.26 per barrel after hitting a fresh 12-year low earlier this week of $10.35.
-- Singapore Newsroom (65) 870-3082; Fax 776-8112
-- Email: singapore.newsroom@reuters.com
What comes down, May go UP UP UP
Patience is a virtue. Predicting OSX up a minimum of 10% (month over month) by the end of January. My bets are down. DEAL!
K |
