PTT expects Dubai crude price to stay at US$40/barrel this year

BANGKOK, April 28 (TNA) -- The crude price of the United States made a new high this year as its stock is lower than expected but PTT Group still predicts that the Dubai crude price will be US$40 per barrel on average this year. The West Texas crude price closed at the highest level in a year on Tuesday, rising by US$1.4 to US$44.04 per barrel. The Brent oil price went up US$1.26 to close at the same level while the Dubai price increased by US$0.10 to US$40.73. The increase responded to the United States' announcement that its crude stock dropped by 1.1 million barrel to 538.4 million barrels on April 22 in contrast to analysts' previous prediction that the stock should have risen by 2.4 million barrels. The United States' crude oil import amounted to 7.6 million barrels per day, dropping by 510,000 barrels a day compared with the previous week. However, the Cushing Crude Oil Inventories rose by 1.9 million barrels. Somporn Vongvuthipornchai, president and CEO of PTT Exploration and Production, said the company still adhered to its previous prediction that the Dubai crude oil price would be US$40 a barrel on average this year. Oil prices continued to fluctuate and he would wait to see if the Organization of the Petroleum Exporting Countries would cut production, he said. He also said a buyers' market for natural liquefied gas would happen after 2020 if oil prices rose. (TNA)