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OPEC notes crude oil futures remain bullish in 2011

11-Feb-2011 10:56 AM

OPEC, in its monthly Oil Market Report for Feb-2011, stated (10-Feb-2011) the increase in oil prices above USD100/barrel in London does not reflect any deficit in supply. OPEC noted that "crude oil futures market sentiment remained bullish in early 2011 with Nymex WTI and ICE Brent hitting their highest levels since September 2008". The OPEC Reference Basket maintained its momentum in Jan-2011, moving within a USD90-95/barrel range, which resulted in a monthly average of USD92.83/b, up 4.8% from the previous month. This upward trend was attributed to bullish sentiment in the futures markets, which pushed Nymex WTI and ICE Brent front months to 28-month highs, according to OPEC. OPEC said "improving macroeconomic sentiment, cold weather pushing demand higher, as well as growing investment in the paper market and recent geo-political concerns, were the main contributors to the strong market".