Crude Oil Falls to $91
| Date: January 2011
Price: US $0 Pages: 0 
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The price of crude oil falls today to $ 91 a barrel, as the movements of the Chinese government against the overheating of the economy supply estimates for a reduction in crude demand. In February’s delivery contracts, the price fell to 48 cents to $ 91.06. During the last year, it writes profits of 17%. The Brent, in March’s contracts, is declining by about 4 cents to $ 98.34. Meanwhile, analysts estimate that prices may soon rise to $ 100.
Short-term outlook for crude is closer to $ 100 and investors have decided to push prices upwards. Many investors foresee accelerating recovery in the global economy and that is the reason why traders are expecting for prices to rise. The Iranian Oil Minister, Massoud Mir Kazemi, who chairs the OPEC, has called realistic in these circumstances the potential to bring the price of crude to $ 100 a barrel.
“The price of $ 100 is not unrealistic if they do so need not be an extraordinary meeting of OPEC,” he said.
Last Friday, crude closed in New York at $ 91.54, up by 14 cents. In London, Brent reached during a meeting away from the $ 100 ($ 99.20) to finally close at 98.68 with a profit of 62 cents.
Source: news.markets247.com