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Follow on Google News | Oil falls to near $77 as 4-week rally stalls notes Hiruyuka Maruyama, CEO at Oppenheimer Lloyd.Oil falls to near $77 in Asia as trader’s eye global economy after 4-week rally notes Hiruyuka Maruyama, Global Markets CEO at Oppenheimer Lloyd in Tokyo.
By: Hiroyuka Maruyama Oil has jumped from $64 a barrel on May 25 on optimism Europe's debt crisis won't stymie the global economic recovery. Hiruyuka Maruyama, Global Markets CEO at Oppenheimer Lloyd in Tokyo Continued, “I still expect prices to rise this year as the global economy grows an estimated 4.9 percent in 2010. Goldman now expects prices to rise to $87 a barrel in three months, down from last month's forecast of $96.” “Prices advanced to as high as $78.92 a barrel Monday on investor expectations China's move over the weekend to strengthen its currency would boost crude demand.” Societe Generale said it expects the yuan to gain between 3 percent and 5 percent by the end of the year, not enough to spark significant new consumption in China. "Chinese demand has already exceeded expectations; Societe Generale forecasts crude will average $80 a barrel in the third quarter and $85 in the fourth. In other Nymex trading, heating oil fell 1.04 cents to $2.1355 a gallon, gasoline dropped 0.48 cent to 2.1380 a gallon and natural gas was down 1.9 cent at $4.854 per 1,000 cubic feet. Brent crude was down 61 cents at $78.20 on the ICE futures exchange. # # # Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world. End
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