OPEC posts optimistic revisions to crude oil outlook for 2012
After months of grim predictions of faltering demand and a global economic slowdown, OPEC officials issued their newfound optimistic take on crude oil markets and crude oil investments. The group’s representatives stated in an announcement that the latest data suggests rising demand, prompting the cartel to leave its prolific crude oil production rates unchanged. OPEC’s officials added that the markets look comfortable and stable, and that demand and supply are showing a nice harmonious streak, causing a boost in crude oil investments and an overall optimism in the sector itself.
Brent crude oil futures, the global benchmark for the oil commodity is holding strong above the $100 per barrel threshold, after showing signs of collapse just last week. The European oil commodity broke the resistant $110 per barrel barrier a few days ago and has managed to maintain above the level.
Brent crude oil prices are currently fetching $110.73 per barrel in London.
On the New York Mercantile Exchange, West Texas Intermediate crude also posted gains, currently trading at $85.81 per barrel.
Crude oil futures and crude oil investments received an unexpected boost at the end of the day’s trading session, when U.S. officials accused Iran of participating in an assassination plot concerning the Saudi Arabian ambassador in the U.S. Both Iran and Saudi Arabia are members of OPEC.
The crude oil markets still to consider how crude oil investments and prices will adjust after Libya makes its full re-entry into the sector.
The newly optimistic data from OPEC suggests that the group has reversed the course of its predictions for the market, and are now expecting growth of crude oil demand, albeit a slow one. It also means that a second recession will be unlikely, giving much-needed relief to energy investors around the globe.