Crude Oil

Crude oil has hit a fresh one-year high. Prices can touch $90 per barrel from here on. Demand from emerging Asia is already strong; and demand from rich countries should start to pick up in the first quarter of 2010. Capacity expansion could create tightness in supply with refinery capacity increasing rapidly. The weak US dollar should also support higher prices. Between 7 October 2009 and 14 October 2009 crude has gained 12% closing the day at $78 per barrel. According to the American Petroleum Institute, US crude oil stockpile fell 172,000 barrels to 339.20 million barrels in the week ended 9 October 2009.

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