Posted: 19 month(s) ago
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Posted by: Nessa
The crude oil prices suddenly shot up last day in the asian market courtesy an economic slowdown in the US because of which investors have decreased their demands on oils such as Gasoline to create some financial stability. This sudden increase in prices creates worries as the investments are estimated to be quite high. The costs for the September delivery inflated by 42 cents which made the placed the price of a barrel at $114.95. The last report which came in confirmed that the costs had gone up by $1.66. The US Energy Department is expected to release a report very soon which will also be seen by the investors for the week which just ended in the mid of August. Another information provider, Platts, confirmed that the gasoline inventories had seen a fall of 3 million barrels. The report released by Platts also confirmed that this surprising increase happened inspite of the oil stocks rising last week by 1.7 million barrels. The prices again picked up after seing a drastic fall of $35 after the all time high of $147.27 that was recorded in the middle of July. Economic gurus have gone on record saying that until and unless there is an increase in the credi markets in the US, it will be difficult to notice a sustenance in the Dollar. Other tradings have shown mostly fluctuating figures.
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