Oil prices climb almost $2 a barrel
Filed Under: Business, World | Posted: 09/25/2008 at 12:07PM
Comments | Region: Bangladesh
This wednessday oil prices climbed almost two dollars, continuing a roller-coaster ride, as the market awaited data on the health of US energy inventories.
New York’s main contract, light sweet crude for November delivery, jumped 1.84 dollars to 108.45 dollars a barrel.
Brent North Sea crude for November gained 1.52 dollars to 104.62 dollars.
Sucden analyst Nimit Khamar said prices ‘were trading higher on expectations the weekly fuel inventories report … will show sharp falls in fuel stocks, which overshadowed concerns over weaker demand amid slowing economies.’
The US government will publish its stockpiles data at 1430 GMT. Oil prices tumbled almost three dollars Tuesday on profit-taking, a day after New York crude had registered its biggest ever one-day price jump.
New York’s October contract soared a record 16.37 dollars on Monday to close at 120.92 dollars after climbing as high as 130 dollars.
The consequences become more tensed for the third world countries even more. Because of the high rate of oil. Car owners are quite tensed about this price hike. Everyone’s hoping that the price will again decrease, but the economy is saying different.
Resource collected from- http://www.newagebd.com/2008/sep/25/busi.html