Saturday, May 7, 2011

Oil prices drop after short recovery



Crude oil and other commodity prices were down again on Friday

Source: Press TV
http://www.presstv.ir/detail/178629.html

Oil prices have retreated again in the New York Mercantile Exchange on demand worries after a slight rebound on a positive US jobs report.

The prices bounced up early in the Friday session, but they started to plunge again as the dollar rose to close the week down 15 percent in the sharpest decline in more than two years, Reuters reported.

West Texas Intermediate crude for June delivery fell $2.62 to $97.18 per barrel in New York, and Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange in London.

The US crude ended down $16.75 for the week, the biggest weekly drop since the contract began trading in 1983.

Tom Bentz, director of BNP Paribas Commodity Futures in New York, said that cascading sell stops created a “domino effect,” noting, “It became a vacuum of less people trying to buy and more people trying to sell.”

Analysts say rising demand from emerging economies and concerns about further supply disruptions as a result of unrest in the oil exporters in North Africa and the Middle East put a floor under prices on Friday.

An index of the dollar compared with a basket of foreign currencies also rose two percent for the week.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)