Sunday, November 16, 2008

Indonesian with the fate of the world's crude oil

SINGAPORE - The price of crude oil rose in thin trading in Asia, Friday (14/11). Conversely, long-term weakening trend, despite the OPEC production is estimated to decrease again announced the end of this month. However analysts expressed.

The main contracts of New York, light sweet crude for delivery of the December, rose 32 cents to be 58.56 U.S. dollars per barrel after rising 2.08 U.S. dollars to be 58.24 U.S. dollars in the New York Mercantile Exchange on Thursday (13/11).

Brent crude North Sea for delivery in January, up 27 cents to be 56.51 U.S. dollars per barrel.
December contract maturing in closing trading in London, Thursday, down 38 cents at 51.99 U.S. dollars.

'The price of oil has traded segaris with the stock market, a stronger presence in Asia on Friday, after Wall Street "Rebound" with full strength, "said Victor Shum of international energy consulting firm Purvin and Gertz in Singapore.

"I say that concerns about global recession, I will not believe the increase in oil prices and the stock market," he said.

Since reaching a record high above 147 U.S. dollars in July, oil prices have been reduced about 60 percent in the middle memuncaknya evidence pelambatan global economy, reducing demand for energy.

The State Oil Organization (OPEC) "likely" to run the emergency meeting on 29 November in Cairo to discuss the fall of the price of crude oil, a source told AFP Thursday.

Chairman of the cartel Chakib Khelil, last week, it will reduce production again if the price of crude oil is still below OPEC desire in the range of 70 to 90 U.S. dollars per barrel.

OPEC, which produces about 40 percent of world crude oil, decided last month to cut production by 1.5 million barrels per day to be 27.3 million barrels starting November.

Analysts said if oil prices continue oppressed, the possibility OPEC will announce a decrease in production again.

On Thursday, the International Energy Agency (IEA) cut the projected price of oil in 2009 to be 80 U.S. dollars from 110 U.S. dollars. (ant / KEVIN)

How india with the economy now are dying? diesel will be down given the people involved now are very small suffering?


Josh Enojo said...

prices of these diminishing assets are really crazy these days.

Tey said...

although In canada, we still cant feel the crisis but they said soon we will
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