Heading: Oil price overshot the mark of 80 dollars

Postimees Online

The price of a barrel of crude oil have overtopped today the level of 80 dollars as owing to the rehabilitation of American economy they hope an increase in demand of oil.

The indicator of crude oil price are one month contracts. So, the price of February contracts in New York raw exchange market in the late afternoon of Singapore time went up by 93 USA cents and reached 80,29 dollars per barrel. Thursday the price increased by 8 cents up to 79,36 dollars.

The price of crude oil has already touched the level of 80 dollars during last two marketing days. In November the price of crude oil barrel touched the level of 69 dollars due to hope of the rehabilitation of American economy. In November the non-employment in the USA decreased below the 10 % level. In October this figure was 10,2 %, and the December figure is awaited to be published this week.

Victor Shum, analytic by Purvin & Gertz, confirmed the major part of people hopes the economic situation would improve, and demand would increase accordingly. But brokers are not yet sure whether oil price would remain for a long time period above the level of 80 dollars, as there is no clear confirmation of an increased demand, he said.

Shum noticed that one of the reasons of actual price escalation is cold weather which had increased the demand of heating oil.