Oil headed for a weekly gain in New York on speculation that the global economic recovery will sustain demand for fuel.
Crude rose as much as 0.8 percent after Group of Eight leaders said the world economy is gaining strength and as a weakening dollar boosted the appeal of commodities. Futures narrowed their gains after a report showed European confidence in the economy weakened for a third straight month in May. The Organization of Petroleum Exporting Countries may raise output quotas to meet global demand, according to JPMorgan Chase & Co.
High commodity prices are starting to take their toll on growth, Oil demand data is weak, in particular for gasoline demand.
Crude for July delivery was at $100.48 a barrel, up 25 cents, at 12:35 p.m. London time, after rising as much as 80 cents to $101.03. Futures yesterday fell $1.09 to $100.23, the lowest settlement since May 24. Prices are up 1 percent this week and 10 percent this year.
Brent oil for July settlement was up 8 cents at $115.13 a barrel on the London-based ICE Futures Europe exchange. The contract yesterday rose 12 cents, or 0.1 percent, to $115.05, the highest closing price since May 10.
written by ABSTRACTMIND @ 3:02 pm, ,
Osama bin Laden
Benchmark crude for June delivery fell 41 cents to settle at $113.52 a barrel on the New York Mercantile Exchange. In London, Brent crude lost 77 cents to settle at $125.12 a barrel on the ICE Futures exchange.
Oil dropped below $111 a barrel early Monday, after President Barack Obama announced Osama bin Laden was killed by U.S. forces in Pakistan. The dollar rose at the same time. Oil is priced in dollars, so as the dollar strengthens oil becomes less attractive to investors with foreign currency, and the price falls.
Later in the day, the dollar weakened and oil recovered some ground.
Bin Laden's death represents a tipping point for global oil and commodities prices, and the exit of Libya's Moammar Gadhafi could remove further uncertainty about oil supplies in the region.
The main concerns are the lingering issues of sovereign debt such as Greece, Irland and Portugal and the economic recovery, WorldWatch warns that if the consumer petrol pump prices in Portugal continues to rise, as it is already one of the most expensive in the world, then economic recovery will be a dream.
Gas pump prices are still climbing. The national average for a liter of regular 95 Octane is a staggering 1.641€, the most expensive ever.
written by ABSTRACTMIND @ 2:58 pm, ,
International Monetary Fund
Portugal has one of the most expensive final consumer price for petrol (gas-US) in the world.
The prices are inflated on a weekly basis by the four companies present.Galp, BP, Repsol and Cepsa.
Galp Energy Regular 95 Octane (1,641) per litre.
Cepsa Regular 95 Octane (1,641) per litre.
BP Regular 95 Octane (1,641) per litre.
Repsol Regular 95 Octane (1,641) per litre.
Petrol has reached the most expensive price per litre ever in Portugal, passing the historic mark of July 2008, 1,525 eurosper litre...back then the crude price was $147 per barril not at todsaysprice of $91 per barril...
This type of price fixing is not allowed by EEC members but corruption is like a spiders web, reaches all governing bodies.
These prices are higher than the ones practiced in 2008, this and the defice of Portugal will sink even further the consumer spending, demand for petrol will have a decline in the first quarter of 2011 of 24%, according to chief analyst WorldWatch Portugal will enter a recession with possible social unrest caused by the increase in fuel, energy,medical care, education, unemployment (above 11.1%) and the reduction of public servants wages by a Further 5%.
written by ABSTRACTMIND @ 12:16 pm, ,