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ICE Brent crude oil price ends week trading close to $71
Published on October 10, 2009 by oilprices · 1 CommentBrent crude oil futures for November settlement rose to end the week trading session at $70.97 a barrel on the London based ICE Futures Europe exchange. It was the highest close since September 22.
The IEA increased its global oil demand growth estimate for 2010 as well as for the rest of 2009 in it’s monthly oil report released yesterday. The agency’s monthly oil report expects world oil demand to be 84.6 million barrels a day, up 200,000 barrels a day compared with its previous forecast. That is still a fall of 1.7 million barrels a day on a year ago. Increased demand is expected to be driven by China.
Earlier this week, the US government’s Energy Information Administration raised its oil demand forecast amid signs of economic improvement. Oil traders said that an additional report today that oil stocks in 16 European countries were lower at the end of September than a month earlier may also have lent some support to oil prices.
Tags: brent crude, ICE, oil price
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Looking for oil price at $74 by the end of the month.