[Goldfisch]

Oil prices decline, US dollar gains in pre-election trading
Tuesday, November 02, 2004 5:02:56 AM ET

NEW YORK, November 2 (newratings.com) – Crude oil prices stayed below the $50 per barrel mark hours before the US elections this morning, amid the pre-election profit booking activities after a record rally in oil prices in the recent past.

Crude oil prices have declined by more than $5 per barrel over the past one week, driven by the uncertainties associated with the outcome of the US elections, improved crude inventories and signs of declining economic momentum due to the high oil prices. The oil futures market witnessed accelerated profit-taking activities yesterday after speculations regarding a sharp decline in oil prices in the event that John Kerry wins the US presidential elections, given his potentially less-aggressive Middle East policy and the likelihood of the use of emergency oil reserves under his presidency. US light crude price declined to $49.75 per barrel, while the Brent crude oil price declined to $46.67 per barrel this morning, extending the previous day's sharp price decline. The US dollar also strengthened its position against the euro and Swiss franc this morning, boosted by the decline in oil prices.

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JP Morgan Chase: Oil Price To Rise Next 2 Years
02.11.2004 10:17

Investment company JP Morgan Chase & Co raised its forecast for NYMEX oil futures for 2004 and 2005, citing a lack of refining capacity, high global oil demand and tight oil supplies in US.

JP Morgan expects New York oil futures prices to average $41.76 a barrel this year, up 6.3 per cent from an earlier forecast of $39.27.


Quelle: Neftegaz.ru