Brent crude forecasts rise

Deutsche Bank on Monday raised its oil price forecasts for Brent crude for the third time in a year.

The Bank’s 2006 prediction rose from $35 to $45.50 per barrel, it’s 2007 forecast was up from $30 to $38 per barrel, and its new 2008-2010 prediction was $33 per barrel, up from $30.

On the other hand, new trade figures show China’s oil imports falling slightly, as it imported 2.71 million barrels of crude oil per day in June of this year, down from 2.74 barrels per day in June of 2004.

Meanwhile, Hurricane Dennis missed oil platforms, refineries, and oil tanker traffic in the Gulf of Mexico, calming worries about an extended disruption of US oil supplies due to the storm.

As concerns dissipated with the weakening of the storm, August contrasts for Brent crude on the International Petroleum Exchange fell $1.29 in late afternoon trade Monday to $56.90 per barrel, while West Texas Intermediate for August delivery fell $1.23 on the New York Mercantile Exchange by early afternoon to $58.45 per barrel on the heels of a $1.10 decline on Friday.

August delivery Nymex unleaded gasoline lost 4 cents to $1.7230 per gallon, and Nymex heating oil for August delivery fell $4.6 cents to $1.6720.

Crude oil prices had climbed to record levels last week in anticipation of the possibility of damage to oil platforms and other facilities by Dennis.

Several platforms were evacuated and production was cut by over 500,000 barrels per day as a precaution ahead of the storm.