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crude oil prices on OPEC december 14 2011 Prediction

crude oil prices on OPEC december 14 2011 Prediction
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World oil prices climbed on Tuesday, but gains were capped by concerns about the eurozone on the eve of the OPEC cartel's latest production meeting in Vienna, traders said. In morning trading, the price of Brent North Sea crude for delivery in January added 66 cents to $107.92 a barrel. New York's main contract, light sweet crude for January, advanced 36 cents to $98.13.

Crude oil prices rose on Tuesday, after the International Energy Agency (IEA) confirmed that oil demand will grow next year despite the expected economic slowdown. While crude oil prices received support from the unconfirmed reports, which signaled that Iran will close the Strait of Hormuz for military practice.

Traders will be eyeing the FOMC rate decision later on Tuesday, where the majority of analysts expect the FOMC to leave the current monetary policy unchanged, while on Wednesday, traders will be following the Import Price Index from theUnited States.

Wednesday December 14:
TheUnited Stateswill join the session at 13:30 GMT with the import price index for November, where the monthly index is expected to expand by 1.0% from the previous drop of 0.6%, while the annual index previous reading was 11.0%.

At 15:30 GMT, the EIA report for crude oil inventories will be released for the week ending December 09, where last week crude oil inventories increased by 1.3 million barrels, and crude oil inventories are expected to decrease by 2.5 million barrels....READ MORE

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