Crude oil for October delivery fell to $106.52 a barrel, high prices and slowing global economic growth reduce demand for fuels ... however Portugal this very moment has one of the most expensive final consumer price for gasoline in Europe and one of the highest in the world...
This situation proves how these oil companies together with the government have no respect for the consumer...
This situation places the economy in the RED, as consumers pay more and more for energy....while in the international market prices are falling...
However consumers in Portugal continue to pay as if prices were at a all time high ...
BP,Galp and Repsol prices are today a ataggering 1.539 euro per litre for regular 95 Octane !!!
There is no justification for the inflated gasoline prices sold by Galp, BP and REPSOL and BP.!!!
These inflated oil prices have the approval of the government .. and of course the higher the oil price the more revenue for the government....Oil consumption in Portugal this year has dropped more than 11% and all tendencies indicate that it will continue!!!
These same companies are once more prepared to increase tomorrow final consumer prices.
THE WEATHER IN THE US…HURRICANE IRENE..
In fact a Tropical Storm ..IRENE
Standard Chartered Plc cut its third-quarter price forecast this week on weaker-than-expected demand in the U.S. New York-traded West Texas Intermediate crude may average $90 a barrel in the three months ending Sept. 30 from a previous forecast of $98, according to a report dated Aug. 24 by Helen Henton, a London-based analyst.
Total products supplied, a measure of fuel consumption, has fallen 5.2 percent to 19.2 million barrels a day in the two weeks ended Aug. 19, according to an Aug. 24 report from the U.S. Energy Department.
Crude oil for October delivery increased $2.96, or 3.6 percent, to $85.37 a barrel this week on the New York Mercantile Exchange. Futures have fallen 6.6 percent this year.
The oil survey has correctly predicted the direction of futures 48 percent of the time since its start in April 2004.
WorldWatch survey of oil analysts and traders, conducted each Thursday, asks for an assessment of whether crude oil futures are likely to rise, fall or remain neutral in the coming week. The results were:
This morning Brent Crude Oil was trading at $99.06 a barrel, WorldWatch predicts oil will average $100 a barrel this year. Prices could come back to the $90 level, if not more.
Oil is extending losses in New York after dropping below the 200-day moving average yesterday, a long-term support level at about $95 a barrel, according to data compiled by WorldWatch. A breach of technical support usually means prices will continue to fall. Front-month futures may decline to the lower Bollinger Band, around $91.11 today.
As Brent Crude Oil continues to reflect the decline in demand, there is one exception...Portugal..final consumer price for a litre of Regular 95 Octane continues a staggering 1.619 € per liter.
This speculation is done by the petrol companies Galp, Repsol, BP and Cepsa, they all practice the same prices, in the last week
of July consumer prices were increased by more than 8 cents per liter with no justification, now today they announced that the consumer price may be deceased by 2 cents per liter.
This attitude is ridiculous as Portugal faces severe economical hardships and a possible social unrest if this monopoly in price fixing is continued.
Crude oil declined to a seven-week low after a gauge of U.S. manufacturing showed growth at the slowest pace in two years, a sign the economic expansion will continue faltering.
America’s debt ceiling, agreement may have helped prevent a crash of the economy in the short term, but there’s still a lot to worry about, The economy hardly grew in the first half of the year and the outlook for growth isn’t promising.
Crude for September delivery fell 81 cents, or 0.9 percent, to $94.89 a barrel on the New York Mercantile Exchange, the lowest settlement price since June 29. Prices are up 20 percent over the past year.
Brent for September settlement gained 7 cents to $116.81 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a $21.92 premium to New York futures, down from a record $22.63 on July 14, based on closing prices.
The initial euphoria over the debt ceiling was overdone, and the ISM report is a sobering reminder of the problems we the US faces. The S&P turned on the manufacturing numbers and oil followed.
US Debt Ceiling will raise the $14.3 trillion debt ceiling through 2012, cut spending by about $1 trillion and call for enactment of a law shaving another $1.5 trillion from long-term debt by 2021, or institute punishing reductions across all government areas, including Medicare and defense programs, according to congressional officials.
The Organization of Petroleum Exporting Countries’ crude output rose in July to the highest level since December 2008, led by gains in Saudi Arabia and Angola, according to a WorldWatch News survey. Production increased 245,000 barrels, or 0.8 percent, to average 29.565 million barrels a day, according to the survey of oil companies, producers and analysts.
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