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Crude hits record high of $126.98/bbl
Published on Wed, May 14, 2008 at 19:59 , Updated at Wed, May 14, 2008 at 21:28
Source : CNBC-TV18
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By Sharon Epperson, CNBC
Crude is hovering near USD 126 per barrel, after briefly touching a new intra-day record of USD 126.98 per barrel, after the Iranian President said a proposal to reduce the country's crude output was being reviewed by experts.
Crude is continuing its upward spiral. It hovered around USD 127 per barrel mark before slipping. The Nymex June crude made a record high at USD 126.98 per barrel. US weekly inventory data today has seen gains in inventories over three weeks. It has estimated the increase in crude inventories by 1.7 million barrel. Crude rallied on factors like low refining activity in the US, strong demand for distillates in Europe, futures trading higher in Asia, decreased output in May in Iran, and the first YoY decline in imports in 18 months in China. IEA said the demand from China and the Middle East is expected to be up by 4.9%. It has revised the 2008 global growth forecast to 1.2% from 1.5%. |
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Is indian economy collapsing????!!!!
-Q- If one is having an investment horizon of say one year or so, it is better and safer to keep the money in FDs....
in Economy - Sriman35 at 10-Oct-08 10:08
Is indian economy collapsing????!!!!
Dear marketman It seems to me that Indian economy is not collapsing. Now it is the big guys in Indian corporate ...
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