{"id":11371,"date":"2010-07-07T09:09:51","date_gmt":"2010-07-07T07:09:51","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11371\/brent-oil-price-gives-up-gains-trading-back-under-72\/"},"modified":"2010-07-07T09:09:51","modified_gmt":"2010-07-07T07:09:51","slug":"brent-oil-price-gives-up-gains-trading-back-under-72","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11371\/brent-oil-price-gives-up-gains-trading-back-under-72\/","title":{"rendered":"Brent oil price gives up gains, trading back under $72"},"content":{"rendered":"

Brent crude oil prices maybe in for a choppy ride this week after yesterday’s gain’s were quickly wiped out by grim reading US data which sent brent oil futures back under the $72 mark.<\/p>\n

In London, Brent crude oil futures for August 2010 delivery was down to $71.54 a barrel at 07.45 GMT on the ICE Futures Exchange.<\/p>\n

However, oil prices may get a boost on forecasts that the latest data would show that crude supplies in the US declined.<\/p>\n

\u201cThe US inventory report may have a short term impact on oil prices. General expectations are of a drop in supply and that could help support oil prices.\u201d a senior principal quoted at Purvin & Gertz in Singapore.<\/p>\n

Meanwhile, doubts about the pace of the US economic recovery were offset by enthusiasm for China’s plan to bring forward $100 billion in infrastructure spending to 2010. This year’s $100 billion outlay will be targeted at 23 energy intensive projects, China’s National Development and Reform Commission reported.<\/p>\n

Also, Brent oil prices may soon get a boost by a storm developing off Mexico’s Yucatan Peninsula which could force Gulf of Mexico oil production in its path to shut down.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n