President of OPEC believes crude oil prices will keep falling

Oct 29, 2004 02:00 AM

The president of OPEC, the oil producers' cartel, called an end to the season of high crude oil prices by stating that stocks had returned to normal levels.
A day after US crude fell $ 1.54 to $ 50.92 a barrel, Purnomo Yusgiantoro said: “Oil supplies are normal again -- we expect prices to keep falling.”

US government data showed extra output was making its way into refiners' tanks, with stocks jumping by a much bigger than expected 4 mm barrels. That eased some concerns over a potential winter shortage, although heating oil supplies fell to 15 % below last year, leaving some regions susceptible to a supply squeeze if winter weather descends on the region early or severely.
Traders have also breathed easier as US Gulf of Mexico production comes back on line after September's Hurricane Ivan.

The rise in interest rates in China has raised doubts about continuing high demand for oil.
In London, Brent crude was trading down 57 cents at $ 47.80 a barrel, while US light, sweet crude wasdown 39 cents at $ 50.53 a barrel in early Asian dealing.

Source: This Is Money
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