News

December 31, 2009

Oil Producers Go Into 2010 In An Upeat Mood As The Price Reaches Almost US$80 A Barrel

By Eithne Treanor

Oil producers should be rejoicing as they head into the new year and into the new decade. They can be proud of keeping stability in the market most of the year and against all odds, the oil price has been trading in positive territory for most of the year. As we closed 2009, WTI was trading at close to US$80 a barrel.

The year has been a tough one having seen the worst global recession of our time and a clear over-supply of oil. The shift in market sentiment has been driving the price in recent months with positive indicators promising an increase in demand for oil and energy in 2010 and beyond. Stephen Schork, editor of The Schork Report says 2010 should be a good year to invest in oil. “The US dollar is in a freefall and the recession is showing signs of ending in Europe and in the US.” Crude inventories...