Spot crude oil prices were flat after a report from the International Energy Agency suggested more crude oil supplies will be needed from OPEC as global demand is forecasted to rise. The Paris based organization increased its monthly 2011 and 2012 estimates by 320,000 barrels a day. However, the report also warned that oil prices above $100 a barrel could stymie crude oil demand, triggered by an economic slowdown due to high energy costs.
At the end of the trading day spot crude oil was trading near its opening day price of $92.15. Prices reached as high 92.84, the highest price in over a year.
Further gains in crude oil may be booked as the price of spot crude oil has retraced 50% of its price declines from its 2008 to 2009. Traders may want to target the 61.8% Fibonacci level from the price drop which comes in at $103.75.