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2008-11-11 15:36:37 UTC
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Take a look of the story below and have a nice day
reading............
Oil prices rise on hope China's stimulus will stoke demand
AFP - Tuesday, November 11NEW YORK (AFP) - - Crude oil prices extended
last week's rally Monday, with sentiment boosted by hopes that China's
huge economic stimulus package will lift energy demand.
ADVERTISEMENT
On the New York Mercantile Exchange, light sweet crude for delivery in
December rose to 62.41 dollars a barrel, a gain of 1.37 dollars from
its close Friday.
In London, Brent North Sea crude for December climbed 1.73 dollars to
settle at 59.08 dollars on London's InterContinental Exchange.
China's four-trillion-yuan (586-billion-dollar) stimulus package aimed
at boosting its faltering economy, announced Sunday, would mean
greater demand for commodities including oil, dealers said.
"China's stimulus package is significant," said David Moore at the
Commonwealth Bank of Australia. "It will support China's economic
growth and therefore demand for oil."
The Asian giant is a major buyer of commodities and its thirst for oil
to fuel runaway economic growth in recent years was a key factor
behind the rise in prices to record levels above 147 dollars a barrel
in July.
But Mike Fitzpatrick, analyst at MF Global, cautioned that the rally
over the stimulus may be short-lived given the worldwide financial
crisis.
"Once the shock of the surprise wears off, some of the gains will
probably be given back," Fitzgerald said.
"Sellers appear to run out of momentum near 60 dollars, with OPEC
officials talking up prices again that will probably remain the case,"
he added.
OPEC president Chakib Khelil indicated over the weekend another round
of production cuts may occur should oil prices remain below the
cartel's preferred range of 70 to 90 dollars.
"We have always said that our objective is 70 to 90 dollars a barrel,"
Khelil, who is also Algeria's energy minister, said Saturday at an
energy industry seminar in Algiers.
"If the barrel price does not reach this level, there will probably be
another (production) cutback," he said, adding that there must be
consensus among all OPEC nations, "and everyone has their own
interests."
The Organization of the Petroleum Exporting Countries (OPEC), which
pumps more than 40 percent of the world's crude, announced in October
that it would cut daily output by 1.5 million barrels to 27.3 million
barrels per day from November.
OPEC's next meeting is scheduled to take place in Oran, Algeria, on
December 17. OPEC's Arab members will meet in Cairo on November 29,
Khelil said.
Email StoryIM StoryPrintable ViewBlog This
Adapted from Yahho News by:
Dr, MR Franc MBBS (PhD) GPS Ang Poon Kah
***@email.com
mode 2 first generation government people of Singapore
Assistant FED Chief (Internationale)
Take a look of the story below and have a nice day
reading............
Oil prices rise on hope China's stimulus will stoke demand
AFP - Tuesday, November 11NEW YORK (AFP) - - Crude oil prices extended
last week's rally Monday, with sentiment boosted by hopes that China's
huge economic stimulus package will lift energy demand.
ADVERTISEMENT
On the New York Mercantile Exchange, light sweet crude for delivery in
December rose to 62.41 dollars a barrel, a gain of 1.37 dollars from
its close Friday.
In London, Brent North Sea crude for December climbed 1.73 dollars to
settle at 59.08 dollars on London's InterContinental Exchange.
China's four-trillion-yuan (586-billion-dollar) stimulus package aimed
at boosting its faltering economy, announced Sunday, would mean
greater demand for commodities including oil, dealers said.
"China's stimulus package is significant," said David Moore at the
Commonwealth Bank of Australia. "It will support China's economic
growth and therefore demand for oil."
The Asian giant is a major buyer of commodities and its thirst for oil
to fuel runaway economic growth in recent years was a key factor
behind the rise in prices to record levels above 147 dollars a barrel
in July.
But Mike Fitzpatrick, analyst at MF Global, cautioned that the rally
over the stimulus may be short-lived given the worldwide financial
crisis.
"Once the shock of the surprise wears off, some of the gains will
probably be given back," Fitzgerald said.
"Sellers appear to run out of momentum near 60 dollars, with OPEC
officials talking up prices again that will probably remain the case,"
he added.
OPEC president Chakib Khelil indicated over the weekend another round
of production cuts may occur should oil prices remain below the
cartel's preferred range of 70 to 90 dollars.
"We have always said that our objective is 70 to 90 dollars a barrel,"
Khelil, who is also Algeria's energy minister, said Saturday at an
energy industry seminar in Algiers.
"If the barrel price does not reach this level, there will probably be
another (production) cutback," he said, adding that there must be
consensus among all OPEC nations, "and everyone has their own
interests."
The Organization of the Petroleum Exporting Countries (OPEC), which
pumps more than 40 percent of the world's crude, announced in October
that it would cut daily output by 1.5 million barrels to 27.3 million
barrels per day from November.
OPEC's next meeting is scheduled to take place in Oran, Algeria, on
December 17. OPEC's Arab members will meet in Cairo on November 29,
Khelil said.
Email StoryIM StoryPrintable ViewBlog This
Adapted from Yahho News by:
Dr, MR Franc MBBS (PhD) GPS Ang Poon Kah
***@email.com
mode 2 first generation government people of Singapore
Assistant FED Chief (Internationale)