US Oil May Decline

US crude oil prices will probably fall this week as rising production from OPEC helps boost inventories, according to Bloomberg survey.

43 analysts and strategists were polled by Bloomberg; twenty (or 47 percent), predicted oil prices will decline, twelve, or 28 per cent, said they will rise and 11 forecast little change. Nineteen of the last 26 surveys correctly predicted the market's direction.

"Crude oil prices should continue to decline as a result of ever-rising inventories," said John Kilduff, senior vice president of energy risk management with Fimat USA in New York. He also said the possibility that interest rates will rise more quickly than expected and damp economic growth is "diminishing interest by speculative players in the market."