NEW YORK (Reuters)-oil prices crashed more than $ 8 for a minimum of four months Thursday after consumer Nations of the world said they would band together to help the global economy by releasing emergency oil reserves for the third time.
Oil prices fell to their lowest since the eruption of the civil war of Libya in February stemmed exports from OPEC member, putting a strain on global supplies of oil. International Energy Agency said it would be helpful to ease the strain releasing 60 million barrels of Government stock, immediately increase global supply of almost 2.5 per cent.
The move shocked traders who had been waiting for the IEA's best exporter Saudi Arabia to give more time to compensate for the deficiency in supply next OPEC meeting failed 8 June, when other members blocked the efforts of the Gulf of excursion.
"I am really surprised. All saying that you have enough stocks. This should keep WTI (U.S. crude) under $ 100 (per barrel), but we really want Brent there this should help, "said Robert Montefusco, at Sucden Financial Broker.
Brent crude Futures for August plunged by more than 8 dollars after news, almost its lowest intraday price since February 22. From 10:03 am EDT was down to $ 7.41 106.80 a barrel set for its biggest fall from a deep crisis on 5 May.
U.S. crude delayed the decline, but still fell 5.20 $ $ 90.21 a barrel, prices more than 20 percent below their early may peak at more than $ 114, the highest since 2008.
The move came as the oil market has dropped sharply amid concerns over global demand for fuel higher than expected jobless claims United States U.S. growth forecasts lower, and the evidence of a slowdown in Chinese production.
New claims for unemployment benefits United States rose more than expected last week, a Government report showed Thursday, suggesting little improvement in the labour market this month after employment stumbled in May.
The Sell-off followed a move by the US Federal Reserve on Wednesday cut its growth forecast for the world's largest economy.
IEA EYES ECONOMIES
"This interruption of supply has been underway for some time and its effect has become more pronounced as he continued," the IEA said. It is said that the expectations were that Libyan production would remain out of the market for the rest of 2011.
"A greater grip on the oil market is likely to undermine the fragile global economic recovery," he said.
The release of the IEA to 2 million barrels per day (bpd) over the next 30 days, is more than the daily loss of exports of 1.2 million barrels per day of Libya and despite many views that the world is not immediately run out of crude-though many analysts and agencies also agree that markets are tightening this year.
In this context, analysts have said that the use of reserves now-unlike the previous two releases, which immediately followed the first Gulf war and Hurricane Katrina-reported that may have been more interested to temper prices to help a faltering economic recovery.
"The move is significant because it represents a capacity by member countries for the remedy of last resort to high oil prices," said John Kilduff, new capital partners LLC. "Clearly, the peak price of energy is being cited as the reason for the economic slowdown and this is a reaction to that. The Libyan provides good cover interruption. "
(Additional Reporting by Manash Goswami to Singapore and Christopher Johnson in London; editing by Lisa Shumaker)
Tidak ada komentar:
Posting Komentar