|News||Crude hovers above $88 as OPEC leaves output quotas unchanged|
|Analysis||Crude traded above $88 per barrel following OPEC's decision to leave output quotas unchanged due to slowing demand and rising supplies.|
Crude today hovers around $88 per barrel recording its highest around $88.43 and lowest around $87.43, while it currently is trading around $88.34 per barrel.
The ministers of a 12-nation Organization of Petroleum Exporting Countries in the meeting held on Saturday in Ecuador stated that the fragile state the world’s economy alongside jitters over the European debt crisis were the reasons behind the cartel maintaining oil production rates and refraining from raising them.
Crude last Friday traded around $88 per barrel recording its highest around $88.97 and lowest around $87.09 per barrel, closing around $87.73 per barrel. Futures fell last Friday recording its lowest in seven days due to fears regarding a possible jump in crude prices that would fuel inflation and damage global economic growth.
On the other hand, China recently increased crude net imports by 26% as refineries raise production rates in response to the diesel shortage; net purchases reached 5 MB per day.
As for NYMEX as of 04:17 EST; motor gasoline rose $1.12 recording $233.510 per gallon; heating is trading around $247.400 per gallon inclining $0.67; whereas natural gasoline climbed $1.43 to record $4.480. In London, Brent futures gained $0.92 to record $91.310.