Texas crude oil (WTI) prices fell during the opening of Asian
markets on Friday, currently trading around $81.00 a barrel and appear poised
to post strong gains for thesecond straight week and rise further to record.
Data released Thursday by the Energy Information Administration
showed larger-than-expected declines in U.S. crude inventories and reaffirmed
forecasts for market tightening in the second half of this year. This is
coupled with concerns that a wider conflict in the Middle East will disrupt
energy supplies in areas where many major producers are located. This will push
oil prices higher.
Dr. Kamaran Qader Yaqub,
Financial Consultant at
Investment Spot company.
