Thai Oil expects crude oil price hike this week

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BANGKOK, 12 May 2015,  The Thai Oil Public Company Limited yesterday predicted global crude oil price may increase this week, citing ongoing unrest in the Middle East and a decrease in U.S. crude oil production.

The company expects that American West Texas crude oil is likely to be priced at 55 – 60 U.S. dollars a barrel and Brent Crude to be sold within the range of 62 – 68 dollars a barrel between May 11th and 15th.

According to Thai Oil, prolonged unrest in Yemen and protests in Libya are the key factors affecting the crude price. It added however that Iran may increase its crude oil production output, if the U.S. lifts the present sanctions against the nation.

However, Thai Oil pointed out that the global oil refinery maintenance season is responsible for a decrease in demand for crude during the 2nd quarter.

The company also said the market should keep its eye on the reduction in the number of oil rigs in the U.S. and the bailout negotiations between Greece and the European Union creditors.