Crude oil prices have increased due to a decline in crude and heating oil supplies.
Crude oil prices rose by over 3% this week on release of U.S. government data reporting a sudden decline in crude and heating oil supplies. Prices settled at US$91.27 a barrel on the New York Mercantile Exchange. Will rising inflation cut consumers' buying power and reduce demand for gasoline and oil? Higher inflation also means the Federal Reserve will stop cutting interest rates. Will this lead to create conditions akin to those created by the recent rate-cutting campaign that led to depressing the value of the dollar – a contributing factor behind the oil rise in November to record levels above US$99 a barrel.
Tuesday, December 18, 2007
Price trends of oil, polymer feedstock & commodity polymers in Asia for the week..
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