The poll of 33 analysts showed a lower consensus monthly forecast for the first time in 12 months. In April the average forecast for 2010 was $81.06 a barrel, and forecasts had been consecutively higher each month from April 2009. 'The recent oil price decline appears as a healthy correction to inflated prices,' said Christophe Barret, global oil analyst at Credit Agricole CIB in London which raised its 2010 forecast to $78 from $76 since the April poll. 'In the short term the overall oil supply/demand balance is expected to remain weak through the end of Q210 and to get support thereafter from driving season demand and better economic activity.' Crude oil is trading at $69.45 as of 21:30m, London-Time, with a bullish trend. Crude's Pool-Position is 63% Long, meaning that most Finotec clients are buying the commodity.

Finotec Group Inc.
http://www.finotec.com/

Disclaimer: FINOTEC Trading's Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.