OIL PRICES FIRED UP ONCE AGAIN
As the US retail sales figures are released the oil prices has increased slightly in Asia because of the International Energy Agency’s crude request
In London,Brent crude was high upto 74 cents at $113.68 on the ICE future exchange.On the New York Mercantile Exchange at the Bangkok time the price per barrel was $93.10.
This week the focus will be on retail sales as they could be one of the factors which would have played a role in firing up the prices of the crude oil ,this was said by the Senior commodity strategist at ANZ bank in Melbourne ,Australia
The US economic data for this week have also included the figure of industrial production for the month of July
The agency have shrunken its forecast for the demand of oil for the upcoming year and on Friday ,IEA also reduced its forecast all round the globe and for the year 2013 the forecast have been reduced to $89.6 million from 89.9 million
This also included a downward revision for China and according to IEA this shrinkage was because of the combination of persistently high level of price and the fluctuating and inconsistent economic backdrop .Heating oil when dealt in derivatives had rose to $3.027 per gallon increasing by 0.7cents and the natural gas reduced by 1.8 cents ,reducing the price to $2.752 per 1000 cubic feet and the Gasoline rose upto 1.5 cents at £3.03 per gallon
This oil price increase have also increased in the petrol and diesel prices in Asia ,which will also prove to be burden on the people as their is already too much economic burden on the people