Azerbaijan, Baku, May 16 / Trend A.Badalova /
Oil prices last week showed, basically, a negative trend, significantly decreasing on the background of the International Energy Agency's (IEA) forecast on global demand and strengthening of the U.S. dollar, as well as growth stocks of U.S. oil.
IEA last week lowered its growth forecast for global oil demand in 2011 from 1.4 million to 1.3 million barrels per day. This decrease reflects the long rise in oil prices and weak IMF forecasts for growth in developed economies.
The average spot price in 13 varieties (including North American) last week amounted to $110.97 per barrel, which is $5.66 per barrel less than a week earlier.
The highest average price was observed on the Malaysian Tapis - $120.66 per barrel, which is $5.74 per barrel less than a week earlier. This type is used as a reference for the oil-producing zone of the Far East. Tapis's density is 45.5-degrees API with a 0.1-percent sulfur content.
The average spot price for the Minas oil produced in Indonesia amounted to $118.03 per barrel last week, which is $4.87 less than a week earlier. The price for Minas is used in setting prices for other brands of oil exports in the Gulf region. Its density is 35.3-degrees API, with a 0.09-percent sulfur content.
Average price for the Bonny Light oil produced in Nigeria hit $117.73 per barrel decreasing by $5.77 per barrel. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.
Average price for North Sea Oseberg oil was $116.49 per barrel decreasing by $5.53 per barrel. The density of Oseberg is 37.8-degrees API with a 0.27-percent sulfur content.
The price of Brent last week was $115.64 compared decreasing by $5.53 per barrel. Brent Dated's density is 38.3-degrees API, with a 0.36-percent sulfur content.
The average spot price for North Sea Forties was $115.14 per barrel last week compared to $120.57 in the previous week. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.
Average spot price for the high-sulfur oil Urals, which is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan was $111.11 per barrel decreasing by $5.2 per barrel. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange.
Last week, the average spot price for the benchmark grade of oil from the Middle East Oman decreased by $10.27 and hit $109.36 per barrel. The density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content.
The average spot price for the OPEC oil basket hit $108.5 per barrel last week decreasing by $9.25. The OPEC's price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Average spot price for the American Mars oil hit $107.42 per barrel com pared to $111.66 in the previuos. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
Last week, the average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude amounted to $105.83 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
Last week, the average spot price for the American West Texas Intermediate (WTI) reached $99.75 decreasing by $5.97. WTI's density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.
The lowest average spot price was observed for the American WTS crude oil at $96.93 decreasing by $5.82. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.
Energy Intelligence Group provides Trend Agency with daily oil price quotas.