Posts Tagged oil
Iran’s Mir-Kazemi Says $100 Oil Would Not Warrant OPEC Emergency Meeting
Posted by Oksana Grebenjuk in Trading Markets on Январь 20th, 2011
Iran, which holds the rotating presidency of OPEC, sees no need for the producer group to hold an emergency meeting if crude prices rise to $100 a barrel, echoing a view that Kuwait’s oil minister expressed last week.
“The increase in oil prices toward $100 is not worrisome enough to warrant a call for an emergency meeting,” Iranian Oil Minister Masoud Mir-Kazemi told a news conference in Tehran. “None of the OPEC members considers this figure as being unreasonable.”
The Organization of Petroleum Exporting Countries accounts for 40 percent of global oil supply, and Iran is the group’s second-biggest producer after Saudi Arabia.
Brent crude for February settlement rose 62 cents, or 0.6 percent, to expire on Jan. 14 at $98.68 a barrel on the London- based ICE Futures Europe exchange. Earlier, it touched $99.20, the highest intraday price since Oct. 1, 2008, the last date the North Sea benchmark grade traded above $100 a barrel. Costlier oil is fanning concern that the global economic recovery may suffer if prices continue to rise. Read the rest of this entry »
Indonesia claws its way to economic superpower status
Posted by Oksana Grebenjuk in Trading Markets on Октябрь 5th, 2010
Indonesia is one of the «rising stars» of emerging Asia and some economists believe this vast nation will one day become a regional superpower, behind only China and India, as global economic activity increasingly shifts towards east Asia, away from the faltering developed nations of the west and Japan.
The country is delivering a torrid 6 percent annual GDP growth rate. Indeed, the Jakarta Stock Exchange has soared almost 40 percent this year, recently touching a new record closing high.
The Asian Development Bank expects Indonesia to grow its economy by 6.1 percent this year, and 6.3 percent in 2011.
“Economic recovery in many Western countries affected by the global financial crisis is uncertain,» Deloitte Asia Pacific CEO Chaly Mah told The Jakarta Post in a recent interview. «It’s relatively patchy. They are still struggling with economic challenges, and the unemployment rate remains high. There is still no clear sign of economic growth there.»
Indonesia, boasting a population of 240-million, also features a huge working class population (estimated at 58-million), an expanding manufacturing base, moderate labor costs, a sound financial services sector, tremendous natural resources (including oil and gas reserves), as well as a relatively stable political system. Read the rest of this entry »
Retail gasoline prices match 2010 high
Posted by Oksana Grebenjuk in Budget on Март 10th, 2010
Motorists are well down the road to higher pump prices as warmer weather and the driving season approaches.
Average retail gasoline prices, continuing a surge that started last month, have now matched their 2010 high on the way to prices that many analysts believe will top $3 per gallon this spring.
The nationwide average retail gasoline price rose 0.6 cents Monday to $2.753 per gallon, virtually identical to the high water mark of $2.7583 reached on Jan. 14, according to auto club AAA, Wright Express and Oil Price Information Service.
Prices have risen 9.2 cents in the last month and are now 80.6 cents higher than levels of a year ago.
The Energy Information Administration, which is among those predicting $3 gallon gas this spring, will release figures on nationwide retail gasoline prices later Monday. Read the rest of this entry »
Iran budgets for $60 price for crude oil
Posted by Oksana Grebenjuk in Trading Markets on Январь 29th, 2010
Iran planned next year’s budget based on an oil price of $60 per barrel, nearly double the price from the last year, the official news agency reported on Sunday, indicating rising optimism over energy prices.
Last year, the parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severly impacted the economy. About 80 percent of Iran’s foreign revenue comes from oil exports.
Earlier on Sunday President Mahmoud Ahmadinejad submitted the budget to the Iranian parliament for approval, saying more money would be allocated to agriculture, education and research, as well as to the poor.
He did not give the size of the budget only saying there was «nothing complicated or untransparent» in it.
Iran’s parliament speaker Ali Larijani said the amount would be revealed later, according to IRNA. The budget requires approval of the parliament and a constitutional watchdog. Read the rest of this entry »
Stocks Climb on Evidence Global Economy Recovering
Posted by Oksana Grebenjuk in Fund Markets on Декабрь 23rd, 2009
Stocks rose around the world, driving Europe’s Dow Jones Stoxx 600 Index to a 14-month high, on evidence that the global economy is recovering from its recession. Oil and copper advanced.
The MSCI World Index of developed-nation shares climbed 0.3 percent at 9:41 a.m. in London. Futures on the Standard & Poor’s 500 Index added 0.3 percent and the MSCI Asia Pacific Index increased 0.5 percent. Oil gained 0.6 percent in New York, while the dollar traded near a three-month high against the euro.
U.S. consumer spending probably rose in November for the sixth time in seven months as households took advantage of holiday discounting, economists said before reports today. China’s growth may surge to as much as 12 percent next year, according to Citic Securities Co., the nation’s biggest listed brokerage. Consumer confidence in Italy unexpectedly rose in December to the highest in more than seven years after Europe’s fourth-biggest economy emerged from a recession.
“The path of least resistance will continue to be to the upside,” Robert Doll, who helps oversee about $3.2 trillion as chief investment officer for global equities at New York-based BlackRock Inc., said in a Bloomberg Television interview. The economic recovery “means earnings should be somewhat better and liquidity should still be plentiful. That’s a recipe for equities moving higher,” Doll said. Read the rest of this entry »
Nobel Laureate: How to Get Out of the Financial Crisis
Posted by Oksana Grebenjuk in Budget, Favourites on Декабрь 18th, 2009
The amount of bad news over the past weeks has been bewildering for many people in the world. Stock markets have plunged, banks have stopped lending to one another, and central bankers and treasury secretaries appear daily on television looking worried. Many economists have warned that we are facing the worst economic crisis the world has seen since 1929. The only good news is that oil prices have finally started to come down.
While these times are scary and strange for many Americans, a number of people in other countries feel a sense of deja vu. Asia went through a similar crisis in the late 1990s, and various other countries (including Argentina, Turkey, Mexico, Norway, Sweden, Indonesia and South Korea) have suffered through banking crises, stock-market collapses and credit crunches.
Capitalism may be the best economic system that man has come up with, but no one ever said it would create stability. In fact, over the past 30 years, market economies have faced more than 100 crises. That is why I and many other economists believe that government regulation and oversight are an essential part of a functioning market economy. Without them, there will continue to be frequent severe economic crises in different parts of the world. The market on its own is not enough. Government must play a role.
It’s good news that Treasury Secretary Henry Paulson seems to finally be coming around to the idea that the U.S. government needs to help recapitalize our banks and should receive stakes in the banks that it bails out. But more must be done to prevent the crisis from spreading around the world. Here’s what it will take. Read the rest of this entry »
European shares turn positive, oils support
Posted by Oksana Grebenjuk in Trading Markets on Ноябрь 4th, 2009
European shares turned positive after hitting a four-week low in early trading on Monday, with banking shares recovering after losses and energy shares following stronger crude oil prices.
By 0856 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.1 percent at 977.39 points after falling to a four-week low of 968.19. It slipped 2.1 percent on Friday, the biggest one-day slide in nearly four months, hit by weak U.S. consumer sentiment data.
Banks gained some ground after falling earlier in the session. Standard Chartered (STAN.L), HSBC (HSBA.L), BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) rose 0.2 to 0.7 percent.
But Royal Bank of Scotland (RBS.L) and Lloyds (LLOY.L) fell 1.1 percent and 5.4 percent respectively. The Daily Telegraph reported that the UK government will unveil plans this week to spend 30 billion pounds ($49.3 billion) buying further shares of rescued banks. Read the rest of this entry »
Oil tops $72 on economic optimism
Posted by Oksana Grebenjuk in Trading Markets on Октябрь 14th, 2009
Oil rose over 1 pct and topped $72 a barrel on Monday on growing optimism about the pace of the global economic recovery and a positive demand forecast from the International Energy Agency.
However, gains were limited by a strong U.S. dollar, which rose on the back of comments by Federal Reserve Chairman Ben Bernanke that the U.S. central bank will be ready to tighten its monetary policy as the economy gains strength.
U.S. crude for November delivery rose 40 cents to $72.17 by 12:02 a.m. EDT, adding to last week’s 2.6 percent gain. London Brent crude rose 43 cents to $70.43.
«There are a lot of positive sentiments in the market because of expectations for another rally in stocks markets this week as well as improved energy demand forecasts from the IEA,» said Ben Westmore, a commodities analyst from the National Australia Bank.
«Comments from Ben Bernanke that the monetary policy could be tightened is also an indication that the recovery is taking hold in the U.S.»
U.S. stocks climbed on Friday, with the Dow hitting a closing high for 2009, as investors anticipated positive news from this week’s key earnings reports and bullish broker comments boosted tech shares. .N Read the rest of this entry »
Futures Fall Ahead of Data Deluge
Posted by Oksana Grebenjuk in Fund Markets on Октябрь 1st, 2009
U.S. stocks futures are indicating a lower open Thursday as investors paused for breath ahead of a flood of economic data.
Less than two hours before the start of trading, Dow Jones Industrial Average futures were 46 points lower at 9607. The S&P 500 futures slipped 5.4 to 1047.5, and Nasdaq 100 futures lost 8.75 to 1708.75. Changes in futures do not always accurately predict early market moves after the opening bell.
U.S. stocks weakened Wednesday on the final day of the third quarter, with the Dow Jones Industrial Average retreating 30 points, the Nasdaq Composite losing 2 points and the S&P 500 slipping 4 points. Weak economic data on jobs and a Chicago-area poll contributed to the bearish tone.
However, the stock market ended near its highs for the year, with many of the riskiest stocks leading the charge.
As the curtain goes up on the fourth quarter Thursday, investors are bracing for a deluge of economic releases. The Labor Department has its weekly jobless claims report and the National Association of Realtors has pending home sales figures. Personal income and the related PCE deflation inflation gauge for August, the Institute for Supply Management’s manufacturing gauge for September, construction spending for August and car sales data for September are also expected. Read the rest of this entry »
US Stocks Slide As US-China Trade Relations Hit A Rough Patch
Posted by Oksana Grebenjuk in Fund Markets on Сентябрь 14th, 2009
U.S. stocks fell as trade relations between the U.S. and China turned rockier, with the energy and financial sectors under pressure.
Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 62 points. The S&P 500 was down about 0.6%. The Nasdaq Composite Index slipped 0.4%.
Escalating trade tensions between the U.S. and China rattled overseas markets. The U.S. over the weekend imposed tariffs on Chinese-made tires, while China said it planned an antidumping investigation into U.S. sales of chicken and auto products.
In Asia, most markets lost ground. The Nikkei tumbled 2.3% on concerns that the strengthened yen could put a dent in exporters’ earnings. Hong Kong’s Hang Seng ended 1.1% lower at 20932.20, while Australia’s S&P/ASX 200 fell 1.4% and South Korea’s Kospi dropped 1%. Major benchmarks in Europe also fell. Read the rest of this entry »
Свежие комментарии