Oil Inventory Falls 191K, EIA See $95 WTI
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United States Oil (NYSE: USO) is stable following a report by the EIA that showed crude inventories fell 191K barrels last week.
Yesterday EIA projected the price of WTI crude oil to average about $95 per barrel over the second half of 2012. This forecast rests on the assumption that U.S. real gross domestic product (GDP) grows by 2.2 percent this year and 2.4 percent next year, while world oil-consumption-weighted real GDP grows by 3.1 percent and 3.5 percent in 2012 and 2013, respectively.
Tomorrow OPEC kicks off its meeting, where they are expected to keep production at 30 million barrels per day, but hawks are expected to press the Saudis for cuts.
Oil traders are also looking ahead to elections in Greece on Sunday, which could create headline risk for oil.
Yesterday EIA projected the price of WTI crude oil to average about $95 per barrel over the second half of 2012. This forecast rests on the assumption that U.S. real gross domestic product (GDP) grows by 2.2 percent this year and 2.4 percent next year, while world oil-consumption-weighted real GDP grows by 3.1 percent and 3.5 percent in 2012 and 2013, respectively.
Tomorrow OPEC kicks off its meeting, where they are expected to keep production at 30 million barrels per day, but hawks are expected to press the Saudis for cuts.
Oil traders are also looking ahead to elections in Greece on Sunday, which could create headline risk for oil.
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