Sunday, Dec 12, 2004
Sunday, Dec 12, 2004 |
| Business | ||||
|
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Business |
Sport |
Miscellaneous |
Advts: Classifieds | Employment | Business
NEW YORK, DEC. 11. Crude oil futures plunged on Friday to settle below $41 for the first time in nearly five months, as traders branded OPEC's (Organization of Petroleum Exporting Countries) production cut as too conservative to stem sliding prices. Refined-product futures on the Nymex also sank, with heating oil futures nearing a three-month low, and gasoline futures falling to more than an eight-month low. "This is a defining moment in the oil market,'' said Ed Silliere, a trader for Energy Merchant Corp., a New York energy supplier to marketers. "Bear markets shrug off bullish news and that's exactly what we've had today.'' Benchmark light, sweet crude oil futures for January fell $1.82 to $40.71 barrel on the New York Mercantile Exchange. ``Forty-dollar crude is a fait accompli now,'' Silliere predicted. In London, Brent crude oil for January settled at $37.38 a barrel, down $2.29 on the International Petroleum Exchange. After meeting Friday in Cairo, oil ministers from the OPEC decided to shave one million barrels a day off current oil-production levels January 1. — AP
Printer friendly
page
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Business |
Sport |
Miscellaneous |
|
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2004, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu
|
