Monday, February 14, 2011

::Trigger Inflation Worries Oil Down to USD85/Barel>>

Go Finance Reporting in Singapore - Crude oil prices in Asian spot market dropped to USD85 per barrel level after the shadows of the higher inflation increasingly worried traders. The signs of the increasingly high prices of some commodities is feared could damage global economic growth.

As quoted by the Associated Press (AP), Monday (02/14/2011) for March delivery in electronic trading on the New York Mercantile Exchange (Nymex) at noon Singapore time.

Meanwhile, in London, Brent crude oil prices again soared 68 cents to USD101, 62 per barrel on the ICE Futures exchange.

Some investors middle of watching the latest inflation data in the United States (U.S.) and retail sales data last week and showed signs that food and fuel prices are higher which is feared could interfere with consumption. Meanwhile, world number two in the country, China, the new inflation figures will be announced on Tuesday.

"A wave of commodity prices is expected to dominate economic releases this week. The increase in food and energy prices have caused some stiffness increase in the level of consumer prices and producer," said Capital Economics report.

Earlier, oil prices had touched the level of USD92 per month before finally falling back on the level of $ 80 per barrel as the easing fears of Egypt's political crisis that would disrupt world oil supplies, especially after President Hosni Mubarak formally resigned last Friday.

Currently, investors have turned their attention to the impact of high oil prices that could threaten inflation.

In other Nymex trading in the contract of March, heating oil rose 1.6 cents to $ 2, 71 per gallon and gasoline rose 2.3 cents to $ 2, 49 per gallon. Natural gas futures fell 2.8 cents to $ 3, 88 per 1,000 cubic feet. (GoFinance)

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