What will you do the following day, Friday, well prepared or just about to prepare? On time in action, miss or much late?
Oil may rise to as high as $105 a barrel in “a few days” on rising commodity demand in China and a weakening U.S. dollar, according to MF Global Holdings Ltd.. Oil prices inched higher to above $103 a barrel Wednesday in Asia as traders mulled whether a weakening dollar could help push crude back to 2 1/2-year highs. Crude has risen from $96 last week as a falling dollar made commodities cheaper for investors with other currencies. "The dollar now seems to be on course to test the lows seen at the end of April," Cameron Hanover said in a report. "If that's the case, we could see stocks and oil prices also advance to test their late April highs." Oil reached near $115 a barrel on May 2, the highest since September 2008. Oil traded near the highest in three weeks on speculation shrinking U.S. crude supplies and Europe’s steps to stem its debt crisis signal fuel demand will rise. Futures climbed as much as 0.5 percent earlier, after gaining 2.1 percent yesterday, as analysts surveyed by Bloomberg News predicted U.S. inventories dropped last week. EU leaders will decide on additional help for the Greek economy by the end of this month, according to Jean-Claude Juncker, head of the group of euro-area finance ministers. “There’s a little bit of relief in the Greek world and that’s suggesting a bit more demand,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney. An Energy Department report tomorrow may show U.S. crude stockpiles declined 1.8 million barrels last week from 370.9 million, a Bloomberg News survey of analysts shows. Refiners are expected to raise output by 0.5 percentage point to 86.8 percent of capacity as they ramp up gasoline production for the summer demand season. Chinese consumption may offset a slowdown in the U.S. and “accommodative” monetary policy will boost the appeal of commodities, the New York-based futures and options broker said in a report today. Reduced spare production capacity in the Organization of Petroleum Exporting Countries will further support a “positive environment” for crude and investors should buy contracts around $100 a barrel, it said. '+'
