Recorded a further drop in oil prices on Tuesday fell below $ 37 a barrel in Asian markets under the global economic recession has reduced demand for these vital article.
Compared with prices recorded yesterday, the low price of a barrel of U.S. light crude for March delivery by the next mid-day in electronic trading to 36.75 Singapore dollars, down 76 cents.
The price of U.S. crude has reached the end of trading last Friday of $ 37.51 a barrel. Although the Organization of Petroleum Exporting Countries (OPEC) cut production by 4.2 million barrels a day since last September, they shift more. But dissipated with the fall in global demand and rising U.S. crude inventories.
Since July last year which saw the rise in the price of a barrel to about $ 150, oil prices have tumbled, and by a high rate has now reached 75%. Affected by world oil markets are directly affected by the stagnant economies of rich countries consuming large quantities of oil.
For example, Japan, which is ranked second in the global economy, announced yesterday that an economic contraction by 3.3% in the fourth quarter of last year.
At a time when the economy remains vulnerable to the United States the most serious recession despite the Congress adopted the plan of President Barack Obama to revive the economy. The value of this rescue plan about $ 800 billion.
Disclaimer: All data provided in this document are obtained from resources that we believe are reliable. And they are provided to inform traders about markets and help them make better decisions. Therefore, FXCBS Fienex Group LLC does not hold any responsibility for mistakes that could occur in these data, or any financial impact of using these data in trading.
Copyright©Fienex Group LLC2009
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment