NEW YORK, July 10 (Xinhua) -- Crude prices rebounded
sharply Thursday on tensions in the Middle East that stirred by Iran's missile
testing. Oil futures soared more than 5 U.S. dollars a barrel on the New York
Mercantile Exchange.
Iran announced that it has successfully test-fired
both medium-and long-range missiles in two consecutive days. Iran's move
triggered investors' concerns over stability in the region.
OPEC's secretary general said Thursday that the oil
producing group will not be able to replace any shortfalls if Iran is attacked.
After falling by nearly 10 dollars earlier this week,
light, sweet crude for August delivery soared 5.60 dollars to 141.65 a barrel on
the New York Mercantile Exchange.
In London, Brent crude futures rose 5.45 dollars to
142.03 dollars a barrel on the ICE Futures Exchange.
NEW YORK, July 9 (Xinhua) -- Crude futures ended the
two-day slide and rebounded Wednesday on supply concerns brought by falling U.S.
crude inventory and the Iranian missile test.
Light, sweet crude for August delivery edged up 1
cent to settle at 136.05 U.S. dollars a barrel on the New York Mercantile
Exchange. Prices have tumbled more than 10 dollars within the past two trading
sessions since an all-time peak of 145.85 dollars a barrel was reached on
Thursday. Full story
TOYAKO, Japan, July 8 (Xinhua) -- The leaders of the Group
of Eight (G8) nations on Tuesday expressed "strong concerns" about the sharp
rise in oil and food prices, which they said poses risks to the global
economy.
"we express our strong concerns about elevated
commodity prices, especially of oil and food, since they pose a serious
challenge to stable growth worldwide, have serious implications for the most
vulnerable, and increase global inflationary pressure," said a statement
released after the G8 summit working session on Tuesday. Full story
MADRID, July 1 (Xinhua) -- The Organization of Petroleum
Exporting Countries (OPEC) President Chakib Khelil said on Tuesday threat
against Iran and a weakening U.S. dollar were the major forces behind oil price
hike.
At a press conference on the sidelines of the World
Petroleum Congress in Madrid, Khelil insisted that high oil prices were not
caused by a lack of supplies, rebuffing the claim by some oil consuming
countries. Full story
MADRID, July 1 (Xinhua) -- The International Energy Agency (IEA)warned on Tuesday of a tight oil market in the medium term till 2013, blaming market fundamentals rather than speculation for the record high prices.
In its annual medium term oil market report, which was presented here Tuesday, the Paris-based IEA said the oil market will remain tight in the medium term, although soaring prices and slower economic growth are reducing demand rise. Full story
