EnglishThe price of oil yesterday grew for the fourth day in a row, on the New York stock exchange, on the back of the depreciation of the dollar, as well as due to the International Energy Association revising its estimates on oil demand for 2009 and 2010 upwards. Another factor is OPEC"s decision to keep the production quota unchanged.
Crude oil for October climbed 1.13 USD (1,6%), to 72.44 dollars/barrel during the after hours session of the New York Mercantile Exchange. This year, the price of crude gained 62%.
Yesterday, the dollar stood at 1.4574 against the euro, after rising to 1.4601 - its lowest level since December 18th 2008.
The International Energy Agency revised its predictions on oil demand for 2009 and 2010 upwards, as a result of the stabilization of the world"s economy. According to the IEA, oil demand in 2009 will reach 84.4 million barrels a day, down 2.2% over 2008. The AIE had previously predicted a 2,7% decline. The Agency estimates demand will reach 85.7 million barrels/day, up 450,000 barrels a day over the previous estimate. According to the IEA, global demand for oil will increase 1.27% in 2010.
OPEC on Wednesday decided to keep the oil quotas unchanged.
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