Crude oil fell for a second day due to the U.S. economic growth slowdown.
Any U.S. slowdown would cut demand for oil, while supply is increasing. OPEC oil production rose last month by the most since September 2004.
Crude oil for September delivery declined to $73.83 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices have fallen 6 percent since reaching a record $78.77 on Aug.1....
Brent crude oil for September settlement dropped to $73.35 a barrel on the ICE Futures exchange.
The 10 members of the Organization of Petroleum Exporting Countries with production quotas, all except Angola and Iraq, increased output by 85,000 barrels to 26.595 million barrels a day, according to crude based oil survey.
OPEC Cuts
The 10 countries, in an effort to maintain prices around $60, pledged to trim 1.7 million barrels a day in two rounds of cuts, one that started Nov. 1 and another that took effect Feb. 1. The 10 members pumped 27.5 million barrels a day in October.
So as mentioned the world is a ahostage to the black gold, every excuss is used by the oil companies and some goverments to keep the crude price at a level they desire...
SOUTH AFRICA SPRINGBOKS
South Africa laid the groundwork with traditional Springbok rugby and finished an out-gunned England side off with two late tries to win ...
-
Oil Prices Spike to New Record Near $106 on Supply, Latin American Border Tensions ... The saga goes on as oil prices steadied Thursday afte... -
Its never to soon to go shopping, this might sound too early for some shoppers, but I will be sharing it anyway .. Sure many are aware about...
-
Well the dollar crises goes on as Saudi Arabia, the world's largest crude oil exporter come out in defense of the dollar as it rejected ...
No comments:
Post a Comment