The price of crude oil to trade in Asia bounce back. Investors were weighing whether to extend full month rally is justified in the weak demand for crude oil in the United States (U.S.).
Based on electronic transactions from the New York stock exchange, Friday afternoon in Singapore, the price of light sweet crude for April contract rose 8 cents to U.S. $ 82.19 per barrel. While the results of transactions in New York early this morning, oil prices rose 2 cents to U.S. $ 82.11 per barrel.
Crude oil prices rose 18 percent from the level of U.S. $ 69.59 per barrel on February 5 and because some data showed the U.S. economy is growing. Although slow, steady growth took place. However, the high crude oil stocks do not support the economic predictions, and indicates that consumer spending is still down.
“We are still experiencing difficulties in building a fundamental basis,” said Ritterbusch and Associates in a report. “We expect crude oil inventory buildup will continue until spring,” he continued. Meanwhile, the price of Brent oil rose 11 cents to U.S. $ 80.39 per barrel on the London stock exchange. (Associated Press)