Oil at 80 dollars, up 1 percent, with expectations of increased demand
Futures prices of crude oil near 80 dollars a barrel to settle at the end of Ta which dominated the concerns raised earlier that the cause of the decline of credit tightening, demand growth in the largest country in terms of oil consumption in the world.
He played down the Federal Reserve raised speculation that the sudden the discount rate on Thursday, marking a change in monetary policy. Oil prices fell initially after the Council lifted the discount rate a quarter percentage point to 0.75 percent.
The government data showed U.S. consumer prices rose only 0.2 percent in January, reassuring investors that the policy of access to credit helped lift the world's largest economy from recession and fueled the demand for fuel is likely to continue.
And when you close the deal in the New York Mercantile Exchange, the price of U.S. light crude in March contracts settled at 75 cents, or 0.95 percent to 79.81 dollars a barrel, after falling earlier in more than dollars to 77.76 dollars a barrel.
In London, Brent crude jumped European benchmark crude 44 cents to 78.22 dollars a barrel.
Meanwhile, Mohammad Ali Haiti representative of Iran in the OPEC: It's based on predictions, the global demand for oil in the second half of 2010 will increase an average of one million to 4.1 million would bring the price of oil. The official said the Organization of Petroleum Exporting Countries "OPEC": The members of the organization plans to spend up to 65 billion dollars in the petroleum industry manufacturing to expand refineries and boost production from petroleum products refined during the next five years to meet the increasing demand for these basic materials in the promotion of industrial development. He pointed out that 40 billion dollars will be invested within the OIC countries to increase production capacity of refined products in Member States by two million barrels a day to reach 10 million barrels per day while that will be about 25 billion dollars for investments outside the organization to contribute in strengthening the capacity of the world refineries and of empowering the supplies of refined petroleum international markets hungry for this kind of fuel.
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