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Oil climbs after revision of global demand estimates

MarketWatch -- Crude oil futures rallied nearly 3% on Friday, supported by an upward revision to global oil demand, Chinese trade data and the temporary closure of a major pipeline from the U.S. to Canada.

Crude oil for October delivery closed up $2.20 to $76.45 a barrel in low volume, its best one-day gain since Aug. 2. For the week, oil gained 2.5%, making up for last week's loss.

Early Friday, the International Energy Agency said that it had increased its forecast for global oil demand this year by 50,000 barrels a day, while holding its forecast for next year.

Hopes for oil demand were also lifted in Asia after Japan raised its second-quarter growth estimate and after China said its imports of crude rose in July. Total imports surged, topping economists' forecasts.

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Submitted Sep 10, 2010 By: brbaritone

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Nicoalbum Champion Author Ottawa Posts:3,576 Points:722,260 Joined:Jan 2010	Message Posted: Sep 11, 2010 10:13:51 AM Ignore Nicoalbum Report Abuse Another trend will cut this one.
ENORMS Champion Author Colorado Posts:3,014 Points:1,172,310 Joined:Sep 2006	Message Posted: Sep 11, 2010 7:19:35 AM Ignore ENORMS Report Abuse Thanks speculators!
JimTee Champion Author Tampa Posts:2,322 Points:1,189,950 Joined:Apr 2006	Message Posted: Sep 11, 2010 5:55:23 AM Ignore JimTee Report Abuse This is all just speculation and a chance for big oil to make more profits.
BMW2014 Champion Author Toronto Posts:1,794 Points:364,300 Joined:Jun 2010	Message Posted: Sep 11, 2010 4:27:18 AM Ignore BMW2014 Report Abuse Revise the global demand again and bring the prices down.
BBopp Champion Author Dayton Posts:5,035 Points:1,594,945 Joined:Dec 2006	Message Posted: Sep 11, 2010 2:31:59 AM Ignore BBopp Report Abuse I don't like this situation. When the price per barrel rises so does the pump price drastically & quickly. When the price per barrel decreases, the pump price may decrease, doing so, in itty bitty increments.
VLegardeu Champion Author Montreal Posts:2,534 Points:571,525 Joined:Apr 2010	Message Posted: Sep 10, 2010 10:59:35 PM Ignore VLegardeu Report Abuse no matter how crude oil goes, the gas at the pump always changes its price weekly. up and down and up and down.
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Sep 10, 2010 10:46:48 PM Ignore Huskersed Report Abuse Too complicated ^_^
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Sep 10, 2010 10:34:24 PM Ignore granitestater Report Abuse Reduce supply and the price goes up.
NekoSJG Champion Author San Jose Posts:3,230 Points:570,055 Joined:Jun 2010	Message Posted: Sep 10, 2010 10:29:27 PM Ignore NekoSJG Report Abuse Down pressure seems very strong.
miamimusic Champion Author Miami Posts:1,848 Points:879,660 Joined:Oct 2008	Message Posted: Sep 10, 2010 10:09:28 PM Ignore miamimusic Report Abuse I don't think we'll ever see a sustained drop in oil prices again. It may drop occasionally for a week or two but in general, it's going up.
playtimeCLE Champion Author Cleveland Posts:5,900 Points:1,091,400 Joined:Nov 2008	Message Posted: Sep 10, 2010 9:45:12 PM Ignore playtimeCLE Report Abuse And we all thought the prices would drop back to the lows before the holiday weekend...
brbaritone Champion Author Virginia Posts:1,069 Points:1,269,755 Joined:Jan 2007	Message Posted: Sep 10, 2010 6:00:22 PM Ignore brbaritone Report Abuse "Still, plenty of analysts say fundamentals are likely to keeping a lid on oil prices ... the market appears 'well overvalued' and that charts indicate prices could reach the low $50-a-barrel price range this winter."