Monday, January 18, 2021
Sign-In
|
Sign-Up
|
Contact Us
|
Bookmark
Home
News
Articles
Forum
Search
Directory
Blog
Accounts
Business
|
Politics
|
Technology
|
Entertainment
|
Sport
|
Other
|
All Published News
|
Oil prices dropped more than $1 a barrel Thursday
Oil prices dropped more than $1 a barrel Thursday as growing crude supplies and signs of slower economic growth led traders to test the $50 mark. Light, sweet crude for the June contract dropped $1.21 to $50.40 a barrel in midday trading on the New York Mercantile Exchange, after falling as low as $49.80 earlier in the day. On Wednesday, oil prices fell $2.59 to $51.61. "Fifty-dollar crude is like Dow 10,000 it's a defense point, for sure," said Tom Kloza, director of Oil Price Information Service in Lakewood, N.J., adding that analysts are split on whether that defense point will hold or give way to lower prices, informs ABC News. According to the Forbes, analysts say a late rally in prices Thursday was sparked by bargain-hunters profiting from falling prices in the last week. Oil prices have been on a downward trend on bearish news in the past week, the most recent being the U.S. Commerce Department's announcement that the U.S. economy grew at a slower-than-expected rate of 3.1 percent in the first quarter. On Wednesday, the U.S. Energy Department said inventories of crude oil in the largest energy-consuming country grew by 5.5 million barrels last week to 324.4 million barrels, or nine per cent above year-ago levels - the 10th time supplies have risen in 11 weeks. U.S. President George W. Bush has also signaled that he would act to reduce crude prices, first when he called on Saudi Arabia's Crown Prince Abdullah Monday to expand production, and on Wednesday he urged using closed military bases as sites for new oil refineries. Daniel Hynes, energy analyst at ANZ Bank in Melbourne, Australia, said that despite the stockpile surplus, he was skeptical that it signified a lasting downward trend in prices
Related News
The Russian transport sector may contribute 1% of the country's GDP by 2008
Sakhalin Energy wants $5 billion in loans to swing the site into full-fledged production
Viktor Khristenko signed off on building the Eastern Oil Pipeline
The Central Bank of Russia built up its gold and currency reserves by $1.5 billion within a mere week
A two-day civil society Russian-Italian dialogue-forum "Russia-Italy. Meeting in Venice" opens in Venice on Wednesday
The EU is insisting that Russia waive a right to collect royalties for flights of international airlines over its territory that are worth about $200 million per year
The following rates of exchange of foreign currencies to the ruble of the Russian Federation
Gazprom is trying to enter the US liquefied natural gas market without letting the Americans take part in its own production projects
Boeing plans to have invested $2.5-3 billion in the Russian aircraft industry by 2010
US hopes that Saudi Arabia could help relieve the pressure on surging petrol prices
The following rates of exchange of foreign currencies to the ruble of the Russian Federation
The rate of inflation may reach 13 percent in Russia this year
On Tuesday, April 26, the Toyota Motor Corporation will present its investment project in St. Petersburg
The investment projects of Siemens concern may become part of the common strategy of Siberia's development
Rosneft would be incorporated into Gazprom
The following rates of exchange of foreign currencies to the ruble of the Russian Federation
"Railway transport has always been and still remains a backbone of Russia's economics and defense power"
The Stabilization Fund will not be a dead weight but will be spent to equalize the foreign and domestic balance
A Russian-Greek business forum is to open in Athens on Wednesday
The M/S Vasily Golovnin serving with Russia's Far Eastern shipping company opened the eastern Arctic navigation season
Mar
April 2005
May
Mo
Tu
We
Th
Fr
Sa
Su
28
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4
5
6
7
8