U.K. stocks dipped for a second day as the Obama administration warned some banks will need more government aid and weaker commodities prices pushed mining and crude oil shares lower. For full story, click here
After falling from $147 to $35 per barrel towards the end of last year, crude oil has once again gained and touched $45 per barrel on speculation that China's stimulus plan may spur demand for the commodity near term. However, some experts are of the view that this is not just speculation but real purchases driving the prices up.
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Oil prices rose above $50 a barrel in Asia as investors gained some confidence from reports that US President-elect Barack Obama has chosen an economic team to tackle what could be the worst slowdown in decades. For full story, click here
Energy policy, which has been mishandled by the outgoing administration of George W Bush and Dick Cheney, will be a major challenge facing Barack Obama. For full story, click here
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Barack Obama’s proposal for America’s energy security that will help lower the price of oil for consumers, increase the amount of oil in the SPR, increase energy security, and leave taxpayers better off by about $1 billion, deserves to be adopted. For more information, click here
Barack Obama has asked the U.S. not to depend on oil from the Middle East and Venezuela in 10 years as part of a broad speech laying out his energy plans. Obama, Democratic presidential candidate, was quoted as saying: Breaking our oil addiction is one of the greatest challenges our generation will ever face. It’s [...]
Barack Obama hinted that he is open to expand offshore oil drilling if it is in a broader package of energy measures, which would free the logjam on energy bills in Congress. Obama was quoted as saying: My interest is in making sure we’ve got the kind of comprehensive energy policy that can bring down gas prices. For more [...]
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