jacky | December 20, 2008 | 12:18 pm
Oil Crude prices rebound above $50 U.S. dollars per barrel, but then declined again on Monday local time, because traders consider the possibility of a decrease in OPEC production this weekend and continued economic turmoil. In New York, light sweet crude oil for January delivery ended at 44.51 U.S. dollars per barrel, down 1.77 U.S. dollars from the closing price Friday. Original oil prices rebound to be 50.05 U.S. dollars per barrel, the highest level since 1 December.
In London, Brent crude North Sea for January delivery picked up to the highest level of 49.96 U.S. dollars per barrel, also the highest peak in the last two weeks, but back off a dogged 44.60 U.S. dollars per barrel, down 1.81 dollars U.S..
The State Oil Organization (OPEC) will be meeting Wednesday, in Oran, Algeria, and is estimated to trim production again to raise the price of oil down by the oppressive peak of global economic concerns.
OPEC Secretary General Abdalla Salem El-Badri said to the reporter right in Oran on Monday, that he will consider the possibility of “a very large decrease” in production of crude oil, adding that “the market the excess supply of oil.” “This morning they (the price) is based on the many announcements by OPEC that the production of a substantial reduction on Wednesday,” said Andy Lipow of Lipow Oil Associates.
“But honesty after that, people continue to see demand from the equation,” he said. “The demand and the economic situation throughout the world continue to push oil prices down.” Oil prices have fallen about two-thirds the number since the highest price reached a record above 147 U.S. dollars five months ago, because of recession in many countries.
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jacky | December 20, 2008 | 12:12 pm
The price of crude oil plunged on Friday, local time, after a bailout plan for the automotive industry so that the U.S. failed to heighten concern about slowing down on demand due to the global financial crisis bites. As reported by AFP, light sweet crude oil for January delivery fell 1.70 U.S. dollars to be closed at 46.28 U.S. dollars per barrel on the New York Mercantile Exchange. In the Intercontinental Exchange, London, Brent crude North Sea for January delivery plunged 98 cents on a steady 46.41 U.S. dollars per barrel.
Oil price rebound has been more than 10 percent on Thursday, amid signals that OPEC and Russia will cooperate next week in the reduction of production to support the increase of oil prices plunged. “At first, the price of commodities including oil to rally, but then forced by crisis of confidence in the middle of the failure of the U.S. automotive bailout plan,” said analyst John Kilduff of MF Global.
A bailout plan by 14 billion U.S. dollars to save the U.S. automotive industry is sick, failed in the U.S. Senate on Thursday, increasing the prospect bankruptcy General Motors and Chrysler, which have millions of workers. The burden of this global stock market Friday, and press the switch commodity prices.
“Crude Oil to be the decrease in the stock market on Friday,” said Nimit wine, a broker Sucden Analyst Company. “Reluctance to take risks created the automotive industry bailout after the failure.”
The State Oil Organization (OPEC) is estimated to announce the cutting of production at a meeting next Wednesday in an effort to encourage the increase of prices that have fallen from new record high above 147 U.S. dollars in July. OPEC, which produces 40 percent crude oil world, has been called producer countries of non-OPEC oil to participate in reducing production to keep oil prices decline sharply. Russia on Thursday is ready to join with OPEC to keep crude oil prices fall and will become part of the oil cartel if Moscow became interested members. Russian non-OPEC members, but ranked equal with Saudi Arabia, de facto cartel leaders, as the world’s largest oil exporter.
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jacky | November 21, 2008 | 4:53 pm
After made new record high $147 USD /barrel in July 2008, oil price has been declined more than 100 percent. Premium price is lowest in last 3 months in America after cut 53 cent. Oil price is predicted will go down below $40 USD/barrel as Global Financial Crisis result. Oil shipping contract in New York Mercantile Exchange show the opposite after run high after closed in $49.93 USD/barrel higher than before $48.25 USD/barrel.
In Asia, Oil price has no power also. January shipping for light sweet oil is closed at $48.47/barrel, or declined 95 cent yesterday afternoon in Singapore. Merchant claims and scare about Global recession because demand for energy is running low.
December Shipping, Oil price goes rise to level $49.62 after sit lowest price since 18 may 2005, $48.50 USD/barrel. As we know, Oil price declined to fantastic price after running record high (upper $100USD/barrel). United State Government has cut premium price to follow the lowering on oil crude price. Analysts then said to predict that Oil price contract shipping will go down below $40 USD/barrel.
Fantastic declining as resulted of Global crisis where demand from business (read Industry) declined in high percentage. To anticipate over supply (over supply has positive correlation to reduce oil price), OPEC might decide to cut their oil crude quota in near. Last month, OPEC had cut their supply with declined their quota to 1.5 million barrel/day. When OPEC start to cut their supply? Analysts predict OPEC will do it in December next month. So far, OPEC supplies 40 percent of total Global demand and to make OPEC as important rule in pricing manipulated.
OPEC tries to prevent the worst price
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jacky | June 27, 2008 | 8:56 am
Reuter, through the professional news mail editor Lisa Von Ahn told that Oil crude has made its new record price, upper to $142 per barrel. FED has been launching that 2 percent of benchmark interest rate is normal and still run.
Welcome to the Reuters Before the Bell news mail.
After oil prices and concerns about the banking sector drove the equities market off a cliff yesterday, stocks now look set to stay where they landed. Futures are pointing sideways.
But talk about a vicious circle: With stocks under pressure, investors are parking their money in commodities … like yellow – and black – gold. U.S. crude is around $141 a barrel after exceeding $142.
The brokerage write-down guessing game isn’t helping matters. A Lehman analyst now expects Merrill Lynch to take down the value of its assets by $5.4 billion in the second quarter. Until now, the highest estimate was $4.2 billion.
In data, we’ve got the Fed’s favorite inflation measure — core personal consumption expenditures – and a report on consumer sentiment.
The dollar is down against an index of major currencies. U.S. Treasuries are mostly higher.
General Ford Motor Co.? Business Week reports that GM management discussed, but shot down the idea of a Ford merger, which it said would end up combining the problems of the two automakers.
Until Monday,
Lisa Von Ahn
News Mail Editor
Business Highlight on Reuters Before The Bell on June 27, 2008
U.S. crude, Brent surge to new record above $142
LONDON (Reuters) – U.S. crude and Brent crude surged to new record highs above $142 a barrel on Friday, extending gains from the previous session.
Merrill may take $5.4 bln in Q2 writeoffs: Lehman
(Reuters) – Merrill Lynch & Co will likely incur $5.4 billion of write-downs in the second quarter, mainly from its exposure to monolines, said an analyst at Lehman Brothers, who also saw higher quarterly losses at the world’s largest brokerage.
Bill Gates says does not think Yahoo deal likely: report
NEW YORK (Reuters) — Microsoft’s Bill Gates told journalist Tom Brokaw he does not think a deal with Yahoo Inc was likely, CNBC reported on Friday.
U.S. M&A slumps, but strategic deals help fill void
PHILADELPHIA (Reuters) – Merger activity in the United States dropped 29 percent in the second quarter, faring better than the 40 percent global slump, as corporations filled the void left by buyout firms and targeted big consumer brands such as Anheuser-Busch Cos Inc and Wm. Wrigley Jr Co .
AIG to lose up to $5 billion from investments: report
NEW YORK (Reuters) – American International Group Inc said it planned to absorb up to $5 billion on losses of sales of investments from a dozen insurance units hit by the subprime meltdown, Bloomberg News reported on Friday.
Yahoo reorganizes businesses under Decker
SAN FRANCISCO/NEW YORK (Reuters) – Yahoo Inc unveiled on Thursday the third phase of an extended reorganization, bolstering the operational control of President Sue Decker, as the company hones its independent strategy after rebuffing Microsoft Corp.
Taken from the source : Reuters Mail News Letter.
