Oil price hike strikes RP
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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Oil prices cuts-off below $45 per barrel
Oil prices continue to decline below $45 a barrel Friday in reaction to fresh evidence of the US recession and news that a $14 billion emergency bailout for US automakers had collapsed in the Senate.
The decline passed over most of the strong gains made in the previous day’s session, but traders said expectations of an important production cut by OPEC would help keep a floor under prices.
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Roll Back on Oil Price Continues Until 2008 Year Ends
The Energy department on Tuesday said consumers can expect more pump price cuts as the year ends due to the continued softening of world oil prices.
This after independent industry participant Seaoil Philippines, Inc., said it has cut prices by P2 per liter for diesel, and P1 for gasoline and kerosene as of 2 p.m. Tuesday, bringing its diesel price to P35.98/liter, unleaded gasoline to P38.50 and premium gasoline to P40.
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