le 19/06/2008 17h43
Crude falls with rising price at the pump in China
OIL-BASED PETROLEUM COURSES
LONDON (Reuters) - Oil prices fall sharply on Thursday, around 134 dollars a barrel, after the announcement that China will increase by about 18% the price of gasoline and diesel at the pump, which should weigh on the demand of the world's second largest consumer of crude.
Towards 15h20 GMT, the July contract on light crude lost 1,73% at 134,31 dollars a barrel and Brent yielded 1,74% at 134,07 dollars.
Oil prices fell by as much as three dollars in reaction to the prospect of higher Chinese gas prices, which will be effective as of Friday, as the country's oil demand is one of the factors fueling rising oil prices. gross in recent years.
This is the first price increase at the pump in China since last November, eight months ago.
Crude prices had previously soared in trading at $ 137, after Nigerian Mend rebels claimed an attack on an oilfield off the coast of Nigeria and threatened to attack oil tankers. and gas.
The Movement for the Emancipation of the Niger Delta had earlier claimed an attack on Thursday against the offshore oil field of Bonga, operated by the Royal Dutch Shell, as well as the kidnapping of a US oil worker.
The attack on Bonga (with a capacity of 220.000 barrels per day) resulted in a one-tenth reduction in the country's production.
The courses were also supported by the latest Goldman Sachs forecasts. The US bank has indeed raised its estimate of the average price of Brent's barrel in 108 from 117,40 to 2008 dollars, citing tensions in the supply of markets.
It anticipates an average Brent price of 140 dollars in 2009 and 150 dollars in 2010.
Prices should then fall to 140 dollars on average in 2011 and 85 dollars in 2012.
Investors are cautiously paralleling the approach of the meeting between consumer countries and producers Sunday in Jeddah, Saudi Arabia.
The White House said Wednesday not to expect the announcement of an increase in production on this occasion. But some investors believe that Ryad will strive to reassure the market on its desire to increase production.
Margaret Orgill, Chua Baizhen and Ikuko Kao, French version Stanislas Dembinski
Reuters source
