Oil price hike strikes RP
July 1, 2009 · Posted in Philippine News · Comment
Oil price is again affecting RP which increases up to $70 per barrel today in electronic trading on the New York Mercantile Exchange. On Tuesday, it dipped $1.60 to settle at $69.89.
The American Petroleum Institute said that the US inventories dropped by 6.8 million barrels last week. Some investors will be monitoring for inventory data from the Energy Department’s Energy Information Administration for more signs crude demand may be growing. Economic analysts are expecting the EIA numbers to fall 2.2 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
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