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October 8, 2008 4:45:18 AM CDT

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Analysts Say Oil Price Drop Is Long Way Off

Posted Jun 9, 08 10:25 AM CDT in Business 

(Newser) – A reining-in of Asia’s demand for oil could help the global crude supply rebound, eventually dropping prices sharply, analysts tell Reuters. But the price relief likely won’t show up until the end of this year or early next, as data needed to help traders set prices is slow to flow in from major Asian countries.

"Until Q4, there certainly appears to be additional spike risk in an impatient market," Lehman Brothers analysts said. "But when the data becomes available, the price action could be as sharp on the way down as on the way up."

Source Reuters

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A pumping unit sucks crude oil from the ground near Manhattan, Kan. Oil prices shot up more than $10 to a new record above $139 Friday, June 6.   (AP Photo/Charlie Riedel, file)
Self-serve regular gasoline is advertised at one-tenth of one cent less than $5.00 per gallon, with mid-grade and premium well over that mark, at a filling station in Arcadia, Calif., Friday.   (AP Photo/Reed Saxon)
Barry Thomas replaces the diesel pump after filling up his truck at a station in Little Rock, Ark., Friday, June 6, 2008.   (AP Photo/Mike Wintroath)
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