Oil moved up towards $46 on equities

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Tue, Mar 10, 2009
Oil Market News
Post by Researcher , Oil Researcher

Oil  rose towards $46 on Wednesday on firm stocks and ahead of inventory data, after a near 3 percent fall the previous day, when a forecast revised down oil demand and Saudi Arabia opted not to deepen supply curbs.

Ryuichi Sato, an analyst at Tokyo-based Mizuho Corporate Bank, said:

If OPEC decides on further cuts, of course it will be a bullish factor. But demand is still quite weak, especially in the U.S., and we cannot expect an upward trend on the oil market for a while.

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