Crude prices ended flat on Thursday after the Organization of Petroleum Exporting Countries ( OPEC) raised demand forecast for 2011.
OPEC lifted its forecast for world oil-demand growth in 2010 by 190,000 barrels to 1.3 million barrels a day. It also raised its 2011 forecast by 120,000 barrels a day to 1.2 million barrels a day.
As inventories are dropping in the United States and Europe while forecasts are calling for stronger demand next year, crude prices hit a two-year high above 88 U.S. dollars per barrel on Thursday.
Crude prices retreated later in the day as the greenback rose against other major currencies on European debt problem.
Light, sweet crude for December delivery was unchanged at 87.81 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude slipped 15 cents to 88.81 dollars a barrel on the ICE Futures exchange.
OPEC lifted its forecast for world oil-demand growth in 2010 by 190,000 barrels to 1.3 million barrels a day. It also raised its 2011 forecast by 120,000 barrels a day to 1.2 million barrels a day.
As inventories are dropping in the United States and Europe while forecasts are calling for stronger demand next year, crude prices hit a two-year high above 88 U.S. dollars per barrel on Thursday.
Crude prices retreated later in the day as the greenback rose against other major currencies on European debt problem.
Light, sweet crude for December delivery was unchanged at 87.81 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude slipped 15 cents to 88.81 dollars a barrel on the ICE Futures exchange.
