BrentNorthSeaOil.com

The oil that we use originally comes from crude oil. This crude oil is the pure form of oil. For this reason the crude oil future can be somewhat difficult to predict.

There are many companies who will seek to buy the crude oil that is drilled. For these companies the crude oil future is one which is very important to gauge. Without having a proper analysis of the numerous industries who use this fuel source the oil importing companies will not have any idea about the amount of crude oil they should consider importing.

The crude oil future will need to be given much thought as the production count is measured in the amount of oil barrels which are filled. These oil barrels are the measurement amount for knowing the way that the oil should be distributed. With this knowledge the many governments can negotiate the price to pay for their share of the crude oil.

This however does not guarantee the crude oil future as with so many oil spills on land and the oceans there are some countries which are considering other ways of finding the crude oil they require. There is also the other problem of various countries needing the byproducts of the crude oil rather than the crude oil itself. This situation makes the crude oil future very hard to predict.

On the one hand the crude oil is not needed as other fuel sources are found and used. Yet as these new fuel sources are the byproducts of crude oil itself, there is a confusion to be found. It is this uncertain atmosphere which hinders the ability of knowing what the crude oil future is like.

To help the customers out perhaps the governments should find a way of locating and refining the oil at the same processing plant. This step would lower the costs the companies and governments need to pay. This is yet another solution to the crude oil future uncertainty.

Crude oil in all of its many forms whether it is refined or not is a commodity which is sorely needed. You can use the price range as a way of seeing the crude oil future. When the oil prices are high it means there is a demand for crude oil and the low prices mean a drop on the crude oil demand.

Author : Muna wa Wanjiru

Crude oil prices on the rise, but three of the biggest oilfield companies say they’ve cut more jobs as they adjust to sluggish exploration and drilling activity.

Schlumberger Ltd., the world’s largest oilfield services outfit, said Friday it eliminated another 100 jobs this week in North America. Smaller rivals Halliburton Co. and Baker Hughes Inc. also said they had reduced positions, but neither provided specific numbers.

The three companies combined have cut about 10,000 jobs already this year. Oilfield service companies have had to adapt to far lower spending by many oil and gas producers, which hire service providers for seismic work, reservoir management and other oilfield tasks.
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Oil prices slipped to near $71 a barrel Friday as the crude market took a breather from its recent daily gains. But the mood remained bullish as investors eyed signs that the global recession may be easing.

Benchmark crude for July delivery fell $1.60 to $71.08 a barrel by afternoon European time in electronic trading on the New York Mercantile Exchange. On Thursday, it rose $1.35 to settle at $72.68, the highest since October.

Reflecting expectations of continued global economic weakness, the Organization of the Petroleum Exporting Countries forecast Friday that demand for its crude this year would average 28.6 million barrels a day – 2.2 million barrels less than in 2008.

Still there are some signs of a turnaround.
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OIL prices climbed above US$69 (S$99.60) a barrel on Friday in Asia as the first drop in US unemployment claims in five months provided another sign that weak demand for crude could improve.

Benchmark crude oil for July delivery was up 62 cents at US$69.43 a barrel midday in Bangkok in electronic trading on the New York Mercantile Exchange (NYMEX). On Thursday the contract shot up US$2.69 to settle at US$68.81 after trading as high as US$69.60.

Oil prices have rallied for three months in tandem with global stock markets, and they soared this week to their highest levels since November, though the rally was briefly interrupted Wednesday by a jump in US crude inventories.
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NYMEX

Energy prices tumbled after the US Federal Reserve predicted that, even if the worst of the recession is over, the US economy will continue to shrink this year.

Benchmark crude for July delivery fell 99 cents to settle at $US61.05 a barrel on the New York Mercantile Exchange. Prices at one point had fallen to a within a cent of $US60.

In London, Brent crude fell 66 cents to settle at $US59.93 a barrel on the ICE Futures exchange.
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