Increased OPEC production boosts inventories: crude oil prices expected to fall

25-Mar-05
Crude oil prices in could witness a price slide next week, as OPEC production continues rising and helps boost inventories, which are at a two-and-a-half year high in the U.S. U.S. crude-oil stockpiles gained 4.1 million barrels as against 309.3 million a week ago, This marks the sixth straight weekly increase, leaving supplies at the highest since July 2002. Crude oil for May delivery fell to US$54.84 a barrel on the New York Mercantile Exchange. The exchange is closed today for Good Friday. Oil prices rose to an all-time high of US$57.60 a barrel on March 17, the day after the OPEC meeting in Iran, causing concern that demand would rise faster than the producers can increase output. Crude oil and fuel needs are usually highest in the fourth quarter.
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