Brent oil price trading above $72, looks to US crude data

Brent crude oil prices are trading above the $72 on Wednesday as the US Department of Energy forecast that crude production in the US would fall to 5.38 million barrels per day in 2011, as a result of a six month ban imposed on drilling in deepwater Gulf of Mexico.

Brent crude oil futures for July delivery was trading at $72.30 midday Singapore time on the ICE Futures Exchange.

“Crude oil demand is expected to intensify as we enter the peak summer demand season,” JP Morgan said in a client briefing note.

Brent oil prices have been flat this week on growing concerns over the European debt crisis as well as a weaker US report on job creation in the United States that underscored a reluctance by US employers to hire new workers.

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Brent oil price trading above $72, looks to US crude data