The NYMEX settled down 13 cents to stabilize at $ 115.46 a barrel mainly due to a strong US dollar but earlier the week saw the crude to shoot as much as $118.76.
The US stock market is anxious about how the Hurricane Gustav will move in the days to come and the holiday to stock market on Monday due to Labor Day will add fire to the anxiety. A clear picture will emerge only after 4-5 days to assess the possible damage that may be caused by the hurricane.
The US energy companies are already on the alert mode and shut down productions and evacuated personnel to avoid further damage to the properties. The US government is ready to release its stock pile in the event of shortfall in the production of crude.
Bad news for UK economy?
The British economy is set to be performing in a poor manner and arguably it could be the worst in the last 60 years period and certainly is not sweet news to any British. The assessment follows a warning from Bank of England policy maker Mr. Darling and by the end of this year, almost 2 million people could become unemployed; the catch point of the problem is that the slowdown will be more profound and longer lasting than it was already assessed.
Asian stocks gain
Snapping the four weeks loosing streak, Asian stocks started looking up again after the news about strong US economy. Shares of Motor companies like Toyota Motor Corp, Honda Motor Co., fared better. To cap it, Cnooc, China’s largest oil explorer gained a lofty 13 percent this week. To keep pace with it was another Chinese entity, called Sinofert Holdings ltd surged 23 per cent, making the shareholders very happy.
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