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Light oil futures back over $81, OPEC says oil price stable
Published on March 23, 2010 by oilprices · 1 CommentLight oil futures are trading back above the $81 mark on Tuesday as energy traders meanwhile followed events Monday in Geneva, where leading OPEC ministers warned against financial speculation on oil markets. US Light crude oil futures climbed 57 cents to $81.25 a barrel on the NYMEX.
The president of OPEC and ministers from Qatar and the United Arab Emirates said that they were striving for stable and optimum oil prices in the wake of the volatility triggered by the global financial crisis.
OPEC president and Ecuadoran Resources Minister Germanico Pinto told a United Nations conference in Geneva that although the oil market had moved to a “more realistic and stable oil price,” pressures for “extreme volatility” remained.
“Increased speculative activity has led to acute and excessive price fluctuations and the market has been driven by factors totally unrelated to supply and demand,” Pinto said. “It is essential that the price is justified by market fundamentals,” he added.
Tags: financial, light, markets, oil, oil futures, oil price, OPEC, traders, trading
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If the OPEC President thinks that oil prices should be based on supply and demand…then there is something fundamentally wrong with the current price, based on the economies of the world, the lack of any substantial increasing demand, and the amount of over capacity and stock piled oil. he is correct….anything higher than the unrealistic price oil is currently bringing will eventfully cause another “wild fluctuation”….lower.