CRUDE OIL After nearing a record price of US$106 a barrel in the week of March 10, 2008, oil prices stabilized at US$105 at the end of the week. Stability was achieved as investors reacted to a surprise drop in US crude supplies and a fresh drop in dollar values against the euro. OPEC's decision to maintain output and rising tensions on Venezuela's border have also supported prices. Most analysts had expected the U.S. Energy Department to report a rise in oil stocks last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels. The EIA report and OPEC decision have fuelled a turmoil of investing in oil futures, as the falling dollar drew investors to the market.
Tuesday, March 11, 2008
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