Wednesday, May 07, 2008

New Record for Oil - Hits above $121 a barrel

Commodity Online
NEW YORK - World oil prices crossed the historic $120 a barrel for the first time on Tuesday as the market showed conviction that record prices will not necessarily trip up global demand.

Light, sweet crude for June delivery climbed $1.87, or 1.6 per cent, to settle at $121.84 a barrel after rising as high as $122.73.

Brent crude on the ICE futures exchange also rose to a record settlement of $120.31 a barrel, up $2.32.

The Energy Information Administration projected triple-digit prices for months to come, issuing a new monthly outlook that forecast crude prices averaging $114 a barrel in the second half of the year.

While the agency anticipates US demand will slip by 190,000 barrels a day this year to its lowest annual level since 2003, it expects emerging economies to keep world demand expanding 1.4 per cent, to 86.6 million barrels a day.

Crude oil has risen 27 per cent year to date and 97 per cent from a year ago on a combination of irrepressible global demand growth and supply troubles.

Courtesy:
commodityonline.com

2 comments:

www.ShareTipsInfo.com Team said...

Dear Visitors,

This Blog is really nice and informative. We are pleased to know this
blog is really helping people. Its our pleasure to post
Informative content on this useful blog created by webmaster.

Again after one week of good gains in Indian stock market we have seen Nifty and Sensex closing very near to there major Support.
If Nifty breaches 4850 then it can again see a fall till 4600. But chances of breaching 4850 is very less. Now world markets are recovering at faster pace
dollar is becoming strong as against Rs. it will give good gains to exporters and IT sector.

Right now Nifty is in consolidation state it can go to any direction. We suggest you not to take too long positions right now.



Please feel free to contact us for any query.


Have a Nice trading days ahead.

Regards


SHARETIPSINFO TEAM

9891655316
9899056796
9891890425

www.ShareTipsInfo.com Team said...

Dear Visitors,

This blog is really nice and informative. We are pleased to know this blog is really helping people.
Its our pleasure to post informative content on this useful blog created by webmaster.
Currently something is cooking in the Indian stock market,
We know it but unfortunately we cant disclose the reason so openly. We strongly suggest everyone not to take any long position at these levels.
We will see Pullback in the market very soon but that will be a fake one so don’t consider pullback as opportunity to go Long in market( Delivery based).
As after that initial pullback we can see fall once again. As mentioned cant disclose it still giving minor hint see call and put section and think why you
are not able to access few options and check December part and think who are the people behind it?? We suggest wait for falls to take delivery till then prefer only intraday else you will find yourself out of
BSE and NSE one fine day.For any query feel free to contact us.

Regards SHARETIPSINFO TEAM

+91- 9891655316

+91- 9899056796

+91 - 9891890425

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