{"id":12925,"date":"2011-01-03T08:53:18","date_gmt":"2011-01-03T07:53:18","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12925\/brent-oil-trading-at-95-as-2011-demand-boosts-oil-prices\/"},"modified":"2011-01-03T08:53:18","modified_gmt":"2011-01-03T07:53:18","slug":"brent-oil-trading-at-95-as-2011-demand-boosts-oil-prices","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12925\/brent-oil-trading-at-95-as-2011-demand-boosts-oil-prices\/","title":{"rendered":"Brent oil trading at $95 as 2011 demand boosts oil prices"},"content":{"rendered":"

Brent oil futures open Monday’s trading session higher, near the $95 mark as figures showing increased oil demand in the US help to boost oil prices.<\/p>\n

Latest Brent Oil Price<\/strong><\/p>\n

In London, Brent crude oil futures for February 2011 delivery was trading at $95.01 a barrel, 07.40 GMT this morning on the ICE Futures Exchange.<\/p>\n

US Oil Demand Back on the Rise<\/strong><\/p>\n

A measure of crude oil demand in the US climbed to 20.7 million barrels a day, the highest since May 2008.<\/p>\n

“We\u2019re looking at December to average over 20 million barrels a day, which is the first time since February 2008. So we\u2019re not too concerned about the dips in the market.” said Xin Yi Chen, a commodities analyst at Barclays Capital.<\/p>\n

Meanwhile, economic growth in China, the world\u2019s biggest energy consumer, will slow to 9 percent this year from 10 percent, that would still be three times the rate in the US and six times that of Europe.<\/p>\n

OPEC Oil Output Targets<\/strong><\/p>\n

“We expect OPEC to have to increase their production, causing a reduction in spare capacity, which to us is increasingly becoming a more important determinant of oil prices. Since China became a more important part of the demand pie, the spare capacity factor has become more important.” said Oswald Clint, head oil analyst at Sanford C. Bernstein & Co, London.<\/p>\n

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