Oil Rises to Trade Near 10-Day High
Bloomberg reports that Oil traded at the highest price in two weeks on speculation cold weather in Europe will increase fuel demand.
Articles Tagged "consumption"
No fuel price hike till international crude breaches $70
The government may not raise pump prices of petrol and diesel until the average price of crude oil for domestic consumption breaches the $70-a-barrel mark. Petroleum minister Murli Deora stated: The government is unlikely to raise auto fuel prices immediately. It (rising prices of global crude oil) is certainly a matter of concern, but a [...]
Downward Pressure On Oil Price
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
IEA reported cut in oil demand forecast to lowest in five years
The International Energy Agency announced that it expects global oil demand to decline by 2.4 million barrels a day this year, about the same amount that Iraq produces, as the economic crisis reduces consumption to the lowest since 2004. For full story, click here
