My opinion is oil prices will start to rebound as cold weather starts to hit. My opinion is shared by others.
Oil Price Tends to Go Up
The analysts say that the oil price will suffer an increase in the following days
By: Alexandra Veselin, Business News Editor
After a constant drop in the price of the oil, now is seems to be more steady as the perspective of winter comes closer. The cold weather is presumed to hit U.S. and Europe next week. Because of this, the home-heating demand in the U.S. Northeast will be 15 percent higher than normal.
As the forecasters said, the temperatures in
Germany may fall below the freezing limit next week, and therefore the analyst say that the oil price will suffer an increase in the following days.
An analyst at Credit Suisse in Zurich, Tobias Merath said: “the cold weather in the U.S. should drive up demand for heating oil. Oil prices will rise over the coming days”.
Another energy analyst at Purvin & Gertz Inc. in Singapore predicts: “I expect prices to rise as winter gets into full swing. The price declines of the past few weeks are temporary”.
In U.S, the Energy Department said on November 16th that the stockpiles of crude oil are 10 percent above their five year average. The temperatures in the U.S. are with 3 percent higher than normal for this period of time, but as the bad weather is predicted ahead, the demand for oil will intensify.
Speaking of crude oil, it has lost 20 percent from August 30, when the Hurricane Katrina struck U.S., destroying pipelines, platforms and refineries.
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