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March 10, 2010

OPEC Increases Oil Forecast

Spread bets and CFDs on oil prices

OPEC has increased its oil forecast, prompting some to believe that oil prices will be rising again soon. Spread betting and contracts for differences on commodities should consider the effect that an increased oil forecast will have on prices.

Earlier, this forecast resulted in gains to oil futures. However, some of those gains have been pared, due to uncertainty. There is some hope amongst oil bulls, though, that today's higher open for U.S. stocks will help oil prices remain solidly above $81 a barrel.

Also providing some support for oil prices is the news that China's imports and exports grew more than expected. This is prompting hopes that global economic recovery will mean more demand for oil.

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Topic Tags:  CFDs, contracts for differences, oil forecast, oil prices, OPEC, spread bets, spread betting
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