Average global oil price to exceed US$105 in 2011

The global crude oil price is anticipated to stand over 105 US dollars per barrel on average throughout 2011, according to domestic oil retailer and refinery Bangchak Petroleum Plc.

Bangchak Petroleum President Dr Anusorn Sangnimnuan forecast that the Dubai crude price would still hover around the mentioned figure though the global price plunged by about 17 US dollars last week. He said the price fluctuation resulted from investors’ short-term profit taking.

The Dubai Crude price on 9 May closed at 105.99 US dollars per barrel, rising by 4.74 US dollars a barrel; while benzene and diesel prices in Singapore’s market rose 3.63 and 4.19 US dollars per barrel to close at 127 and 125.07 US dollars per barrel respectively.

As for the retail oil price adjustment in the kingdom for this week, Dr Anusorn said it depended on the global oil price, adding that it would be impossible to reduce the prices in the face of the continuously rising price in the world market.

Bangchak on Tuesday reduced its oil prices in benzene group and E-85 by 60 and 30 satang per liter respectively, while pegging its diesel price at not more than 30 baht per liter.

Source: http://thainews.prd.go.th/en/news.php?id=255405110004

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