| News & Trends | ||
| Oil falls to USD 112 - 21 Aug, 2008 | ||
|
It is reported that oil prices fell to around USD 112 after a tropical storm in the Gulf of Mexico avoided oil and gas installations. US crude was 54% lower at USD 112.33 a barrel by 1455 GMT. London Brent crude also fell by 86% to USD 111.08. As per the report, oil fell for the 4th trading day as Tropical Storm Fay, the 6th storm of the 2008 Atlantic season, swept over Florida. It did not reach hurricane strength or cause major disruption in the Gulf of Mexico, the production hub of the US oil industry. As the storm concern faded, the market focus was likely to shift to US oil inventory data from the Energy Information Administration and the expiry of front month US crude or West Texas Intermediate. MF Global in a research note said that “With the storm now a non event, the markets will be next looking at an orderly expiration in the September WTI expiration as well as the upcoming EIA numbers.” Analysts expected the data to show a 900,000 barrel increase in US crude oil inventories. Investors are split on the outlook after the price of oil has fallen about 24% from a record high above USD 147 hit in mid July. A fall in oil use in the US and other developed countries as economies slow continues to pressure prices, while Chinese demand growth is still robust. Dallas Federal Reserve Bank President Mr Richard Fisher said that Chinese economic growth can deliver a potentially massive boost to global energy demand with clear implications for long term oil prices. Investors who rely on charts and historical data to map market direction closely watched the USD 110 to USD 111 area. | ||
| Today's News | ||
| Clips | ||
 | KIOCL iron ore pellet bids fall to USD 54 per tonne | |
|
| Shanxi coke producers agree on coke reference price | |
|
| Aluminum falls to 3 year low as weak demand bolsters stockpiles | |
| Export And Import Levels | ||
|
| Iron ore price negotiations - JP Morgan reduce forecast | |
|
| Chinese HDG export price likely to turn stable | |
| Trade Issues | ||
|
| US steel industry urges government to stand up to China | |
|
| Tax for imported cement returns in Russia | |
