Global crude oil prices are expected to move up on account of positive sentiments on Barack Obama's re-election. Weakness in the Dollar Index, crude oil supply concerns created by the unrest in Middle East region between Turkey and Syria are expected to help crude oil prices move up this year (2012). The impact of tropical storm Sand is negligible on global crude oil prices, according to a energy market review by India-based Angel  Commodities.
The US Energy Department (EIA) stated that US oil consumption is expected to increase by 100,000 bpd in next year this may also help to boost current crude oil prices.
In October, crude prices remained down owing rise in stocks caused by new technology, global economic slowdown and strong dollar. As per the US Energy Information Administration (EIA), crude oil inventories increased around 2.3 percent for the month of October.
Nymex crude oil prices declined around 6.5 % for the second straight month. Rise in risk aversion in the global market sentiments, cut in the demand forecast by OPEC & US Energy Department (EIA) and slowdown forecasted by the IMF were seen pressuring Crude oil prices.
Brent Crude oil prices moved in tandem with the Nymex crude oil prices and declined around 3.28 percent in October.
Source: Angel Commodities