Analysts surveyed by Bloomberg News were split over whether crude oil prices will rise or fall next week amid above-average inventories and prices that are the highest in a year.

Twelve of 31 analysts, or 39 percent, said futures will drop through
Oct. 23. Another 12 respondents predicted that oil will rise. Seven
said futures will be little changed. Last week, 38 percent of analysts
said prices would fall.

“The bulls are saying it doesn’t matter about current supplies, that
demand is going to go up,” said Phil Flynn, vice president of research
at PFGBest in Chicago. “Bears are saying that we have a glut of
supplies and these prices are unsustainable.”

Crude oil stockpiles rose 334,000 barrels to 337.8 million last week,
according to a U.S. Energy Department report yesterday. The gain left
inventories 9.6 percent higher than the five-year average for the
period. Fuel demand rose 1.1 percent to an average of 18.9 million
barrels a day.

Crude oil for November delivery rose $5.81, or 8.1 percent, to $77.58 a
barrel so far this week on the New York Mercantile Exchange.
Yesterday’s settlement was the highest since Oct. 14, 2008. Futures are
up 74 percent this year.

The oil survey has correctly predicted the direction of futures 47 percent of the time since its start in April 2004.

Source: Bloomberg

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