Thursday, March 27, 2008

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

Crude oil prices dipped to settle above US$101 per barrel, plunging by almost 10% in the week.

Crude oil for May delivery settled at US$101.84 a barrel for the week of March 24, 2008. Oil futures have dropped around 10% since the US$111.80 record high levels of last Monday, on the back of the plunging US dollar that hit a lifetime low against the euro. Concerns of a recession in USA, its impact on the rest of the world, and on oil demand growth have been looming large this week. Worries of a global slowdown in energy demand have caused crude oil prices to plunge. On Tuesday, crude surged by more than three dollars after the US Federal Reserve slashed US interest rates, fuelling expectations of strong energy demand in the United States. On Wednesday, prices dipped after a US government energy report signaled softening demand in the world's biggest economy.

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