Tuesday, January 22, 2008

Price trends of oil, polymer feedstock and commodity polymers in Asia for t...

Crude oil prices have dipped to US$90.5 per barrel - a drop of almost two dollars in the week on mounting concerns of a global economic slowdown, indicated by a larger than anticipated rise in US crude oil inventories by a Department of Energy report.

CRUDE OIL Last week saw crude oil prices drop by almost two dollars to end at US$90.5 per barrel in New York. Brent crude for March settlement ended for the week at US$89.23 a barrel on the ICE Futures Europe exchange in London. Oil prices have seen a slightly positive outlook towards the end of the week on speculation that the US economy may avert a recession, pushed up by President George W. Bush's almost completed proposal to boost the economy, sustaining energy demand. Oil prices have dipped from almost hundred dollars recorded two weeks ago, on mounting concerns of a global economic slowdown, indicated by a larger than anticipated rise in US crude oil inventories by a Department of Energy report.

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