Last Updated : 21 November 2012 at 11:10 IST
Crude Oil 2013: Brent at $110/bbl, WTI at $97, says Societe Generale
Source :Bloomberg
Meanwhile, the US has blocked UN Security Council statement condemning the escalating conflict in the Gaza Strip between Israel and Palestinians, alleging it to be of not addressing the rocket firing into Israel.
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- Commodities may trade positive on weak dollar
- The base metals pack traded on a positive note on the back of weakness in DX. Further, Indications that US Federal Reserve’s would continue with its bond buying programme supported prices to trade in green.
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By Col. Ajay
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PARIS (Commodity Online): Societe Generale SA, in a report has said that crude oil prices would likely touch $110 a barrel up from its previous forecast of $103, as per a report appeared in Bloomberg. The bank expects WTI prices to climb to $97 a barrel from $92 in 2013.
Crude oil prices dipped yesterday by as much as 2.8% subsequent to whopping gains on Monday after Gaza conflict resolution was suddenly in sight attributed to an optimistic statement from Hamas. But as American Petroleum Institute data on dip in inventories to the tune of 1.9 million barrels for seven days ended November 16 came in, crude prices climbed again.
Technically, crude oil prices failed to break the 50-day moving average for a second day; the indicator is where sell orders are clustered around. Back in September 14, crude oil prices rallied to $100 subsequent to breaking this limit.
Meanwhile, the US has blocked UN Security Council statement condemning the escalating conflict in the Gaza Strip between Israel and Palestinians, alleging it to be of not addressing the rocket firing into Israel.
‘We made clear that we would measure any action by the Security Council based on whether it supported the ongoing diplomacy toward de-escalation of violence and a durable outcome that ends the rocket attacks on Israeli cities,’ said spokeswoman for the US mission to the United Nations and was quoted by Khaleej Times.
‘By failing to call for the immediate and permanent halt to rocket launches from Gaza into Israel, this press statement failed to contribute constructively to those goals,’ she said. ‘As such, we could not agree to this statement.’
