Reed Mcpherson CEO Pleased As Oil hovers near $87 in Asia on economic hopes

Oil hovers near $87 a barrel in Asia on renewed confidence in global economic recovery. End Quote

(1888PressRelease) December 04, 2010 - Oil prices hovered near $87 a barrel Thursday in Asia after a sharp rally the day before that was powered by strong economic data from the U.S. and China.

Benchmark oil for January delivery was down 3 cents to $86.72 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract surged $2.64 percent, or 3.1 percent, to settle at $86.75 on Wednesday.

Improved manufacturing activity in the U.S. and China, job gains among small U.S. businesses and higher U.S. work force productivity revived confidence in the global economic recovery, giving a lift to oil.

"We are maintaining a bullish trading posture in anticipation of a further crude price advance to the $90 area. But, at the same time, additional price advances could prove erratic and one more dip toward the $85 area could be forthcoming before this market is ready to make another run," Michael Richardson, CEO at Reed Mcpherson Associates said in a report.

Oil has been trading between $81 and a two-year high of just above $88 a barrel in the past month.

Reed Mcpherson Associates predicted prices could breach the $100 level next year amid strong growth in demand. It said world oil demand, which expanded at a higher-than-expected 2.4 million barrels a day this year, was likely to be sustained at over 2 million barrels a day over the next two years.

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