Oilscan

A new dip in the crude oil prices today. During the day prices dipped at a low of $ 75.57 a barrel.

Since March prices almost doubled as investors thought of oil as a safe bet during this credit crunch. The investors bet on a rise in the demand, yet there is still no sign of a rise. With the recession still in full effect, the society is cautious to use too much petroleum products.

Refiners are operating at the lowest levels ever and petroleum supplies increased by 1.76 million barrels in the last week where analysts expected a buildup of 1 million barrels. Demand is weak as well, the total petroleum demand fell 4.3% to 18.32 million barrels a day in the last week.

According to AP, ExxonMobil CEO Rex Tillerson said oilprices would even be lower if they were based on supply and demand. “Oil is about $20 to $25 a barrel higher simply it’s priced in dollars, and there’s a weak dollar,” Tillerson said.

The International Energy Agency in Paris expects the demand outlook for oil in 2009 and 2010 will be a bit higher than expected.