WTI Oil Price: Who Knows Where it Goes
The end of last week saw the WTI oil price closing below $91 per barrel. The fall was not experienced only by WTI oil, Brent oil too was affected by the drop in price. Because of this price fall, there are several ideas from several market watchers that the price may still fall further. This assumption is however not to be relied upon as the chances of oil falling tend to be very slim based on what is happening elsewhere in the world and the current increase in demand from China and Australia.
On the NYMEX, the U.S light crude oil closed at just about $98 per barrel. The closing price for last week was around the $94 make. This rise was due to the amount of oil that was released. The amount of stock released had been greatly criticized by market watchers. Many believe that it is the speculators worldwide that are driving up the price of oil.
The increase in the amount of oil made available had however been criticized by the OPEC and Iran. They argued that there was no need to release more oil since the oil market was well supplied. The IEA however argued that the decision to make more oil available was due to the failure of OPEC to increase oil output globally.
With the new agreement reached by the EU government to protect the Euro and to attack and develop a debt plan to help the Greek economy, oil prices have risen sharply.
So for anyone who is running a business in say Croydon, that uses oil such as transportation and office cleaners Croydon, it may be best if you keep abreast of what is happening in the oil market and protect the business from any dramatic fluctuations.
Another sign that prices are likely to rise again, has to do with the US GDP rise, as this could be a sign that its economy is turning the recession corner.
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