Economic outlook for the country has shifted remarkably as the Federal Government’s deficit budget is likely going to fizzle out due to surge in crude oil prices to above $65 per barrel in the international markets, Renaissance Capital has stated. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Credit ratings agency Moody’s Investors Service said that the financial outlook for oil majors’ is stable despite a sharp fall in oil prices. For full story, click here
As per a government report, Oil prices could be lower than previously expected next year. In its August short-term energy outlook, the Energy Information Administration (EIA) said: It expects crude prices to average $124 a barrel in 2009. That’s down from July when the EIA projected an average price of $133 per barrel. Click here [...]
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