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The last thing we need is good news. Oil prices climbing ominously as OPEC meets

13-Mar-2009

Oil prices have risen this week on hints of good economic news out of the US: Citigroup's improved outlook, better than expected US retail sales data and other snippets of less than bad news have pushed Wall St up for three days in a row.

Together with expectations that OPEC's scheduled meeting this weekend will see further reductions in output also delivered upward pressure. All have encouraged a more bullish outlook for oil prices.

On 12-Mar-09, light, sweet crude for Apr-09 delivery surged USD4.70 (+11.1%) to USD42.33 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures Europe exchange gained USD3.69 (+8.9%) to USD45.09 a barrel.

 

03-Mar-09

04-Mar-09

05-Mar-09

06-Mar-09

09-Mar-09

10-Mar-09

one week
Change

12 month
Change

New York Harbor

120.05

123

118.1

125.6

124.65

121.08

0.9%

-61.8%

U.S. Gulf Coast

115.55

118

113.35

120.6

119.4

117.33

1.5%

-62.2%

Los Angeles

117.55

120.75

117.1

124.6

122.15

119.08

1.3%

-62.7%

Amsterdam-Rotterdam-Antwerp

119.73

122.37

118.37

123.43

122.67

123.2

2.9%

-61.0%

Singapore

111.19

114.43

117.14

112.26

115.67

113.93

2.5%

-61.7%

WTI Spot

41.57

45.28

43.54

45.43

47.01

45.68

9.9%

-57.7%


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