Oil prices have been pushed up again by several factors
Published:
4 July 2004 y., Sunday
Oil prices have been pushed up again by several factors. Buyers are worried about falling reserves in the US and the possibility that world oil supplies could tighten again.
OPEC oil cartel members Saudi Arabia and Nigeria have hinted the organisation might not follow through on its vow to boost output.
In London Brent crude shot up $1.57 on Thursday going as high as $36.10 a barrel.
Nigeria's top oil official has cautioned OPEC about releasing too much supply at current prices and Saudi Arabian oil minister Ali al-Naimi said OPEC will wait until its 21st July meeting before deciding on increasing production. That was due to happen on 1st July.
Another factor that is worrying the markets is the warning from the biggest Russian oil firm YUKOS that it might have to halt production as Russian officials seeking billions in back taxes have frozen their bank accounts.
In addition reserves in the US have fallen as refineries have concentrated on producing petrol to match demand from motorists during the summer holiday period which is fueling fears of low heating oil supplies later in the year.
Šaltinis:
euronews.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
HP (NYSE:HPQ) today announced financial results for its first fiscal quarter ended Jan. 31, 2009, with net revenue of $28.8 billion, up 1% from a year earlier and up 4% when adjusted for the effects of currency.
more »
Saddled with an ongoing housing crisis, rising unemployment and an arguably flawed system of balancing the budget, California's "Golden dream" has turned a dismal shade of gray.
more »
ATM software provider Level Four Americas LLC found in a recent survey that 67 percent of U.S. adults who use financial institution with ATMs would be likely to switch FIs after an instance of ATM fraud or a data breach.
more »
As designers put the finishing touches to their collections ahead of this year New York fashion week, the recession is on everyone's minds.
more »
On February 17 - March 13 this year, AB Bank SNORAS distributes one-year bonds with the fixed 11 per cent annual return, which can be regained after keeping the bonds for at least 28 days.
more »
Europe's controversial fishing policy was under scrutiny Tuesday at a public hearing in Parliament about its future shape.
more »
The European Commission has approved, under EC Treaty state aid rules, a Swedish aid scheme intended to bolster the financing of the real economy by providing capital to banks.
more »
During the draw another five winners of the Danske Bankas monthly Scholarship award were announced.
more »
In the special action of Bank SNORAS the participating depositors were presented 12 monetary prizes whose value reaches from 1 up to 50 thousand Litas.
more »
Solid performance despite rapid economic slowdown.
more »