Ovetii Report Crude Oil May Fall as Opec Production Increases

by : invest-biz.info

According to sources, research by Ovetii of Greece revealed that twenty-one of their 43 analysts surveyed, anticipated that oil prices will fall, making this the least bearish response since Septemper 7. Eighteen of the analysts predicted that prices will rise, the most bullish response since the week ended July 6.

According to Ovetii sources, OPEC crude-oil supply will probably increase 1.6 percent in advance of the group's pledge to raise supplies. Ovetii research also revealed that Gasoline demand in the U.S. averaged 9.2 million barrels a day in the four weeks ended Oct. 19, down 0.2 percent from a year earlier.

Ovetii's senior analyst reportedly stated that, although the recent data from the Department of Energy was bullish, he felt that the larger fundamentals are still evolving in a bearish direction. He went on to add that this was probably largely due to OPEC production being on the rise and demand weakening in the face of the recent record prices.

Prices rose after the department reported that U.S. crude-oil and gasoline supplies unexpectedly declined recently.

Apparently Ovetii analysts have also reported that respondents have predicted price drops in previous weeks.