Wednesday, February 27, 2008

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

After spiking to record highs of US$101.3 during the week, crude oil prices dropped to US$98 a barrel halfway through the week on reports of a rise in crude inventories in USA, indicating a slowdown in the US economy.
CRUDE OIL After spiking to record highs of US$101.3 during the week on speculation that OPEC will cut production when it meets next month, crude oil prices have dipped. Crude oil prices dropped to US$98 a barrel halfway through the week as a report showed that domestic crude inventories rose last week indicating a slowdown in the economy. US crude oil inventories are reported to have risen by 4.2 million barrels in the week ended Feb. 15, more than the expected 2.9 million barrel increase. Towards the end of the week, oil prices continued to rise above US$98 a barrel amid worries about supplies as Turkish troops pursued separatist Kurdish rebels into northern Iraq, raising concerns of a broader conflict with the US-backed Iraqi Kurds.

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