Commodity Strategists: Crude Oil May Reach Record $80
Feb. 16 (Bloomberg) -- Oil may rise to a record $80 a barrel in the third quarter as an economic expansion in China boosts demand for fuel, according to Sumitomo Corp., Japan's third-largest trading company.
China's oil demand growth may rebound from last year's 2.9 percent, said Keiichi Sano, Sumitomo's chief commodity analyst. Oil rose less than forecast in the past five months because Chinese refiners cut imports, he said. Futures prices, down 5 percent this year, will bottom out this month, he said.
"Demand from China will continue to increase and support further rises in oil prices,'' said Sano. "The country needs more heavy fuel oil for power plants, and fuel for trucks is needed too.''
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China's oil demand growth may rebound from last year's 2.9 percent, said Keiichi Sano, Sumitomo's chief commodity analyst. Oil rose less than forecast in the past five months because Chinese refiners cut imports, he said. Futures prices, down 5 percent this year, will bottom out this month, he said.
"Demand from China will continue to increase and support further rises in oil prices,'' said Sano. "The country needs more heavy fuel oil for power plants, and fuel for trucks is needed too.''
( For the complete story, Click here )
posted by Oil Shock at 11:59 AM
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