Crude Oil Review May 2008

Crude Oil has reached record highs as of May 2008.

April saw a hike in the prices of WTI. One of the reasons for this was also the disruption of supplies from Nigeria and the North Sea.

The price of WTI is expected to stabilize to $110 / barrel and possibly come down to $103 in 2009.

In the first quarter of 2008, OPEC countries supplied an average of 32.2 million barrels/ day of crude to world markets. Possible enhanced production is expected from Nigeria and Iraq. Saudi Arabia remains one the the largest suppliers of Crude with a significant surplus production capacity.

Domestic oil output by Brazil's state-run energy company Petrobras in April rose 2.3 percent from March, reversing three straight monthly drops.

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