VIVAnews - The median for the Indonesian crude prices in October rose against the September prices. Based on data from the Directorate General of Oil and Gas at the Department of Energy and Mineral Resources showed that the October ICP hit US$72.53 per barrel, an increase by US$5.46 per barrel compared to September at US$67.07 per barrel.
One of the crucial factors in the ICP adjustment includes crude oil price rise in the international market, which was affected by global oil growth by 0.2 million barrels per day due to better performance in the industrial sector of the OECD, non-OECD, as well as South American countries.
The progress recorded is based on a report issued by OPEC, the International Energy Agency (IEA) and the Energy Information Administration (EIA).
The depreciated US$ exchange rate contributed as well to the oil price rise, which in fact stirred investment diversion especially on crude oil and gold.
Rising optimism over the recovery of global economy, positive assumption made by IMF and falling stock of US distillate fuel as well heating oil have added to the list.
In addition, the growing demand of crude oil import from China can also be deemed significant.
--
Translated by: Bonardo Maulana Wahono
