Oil falls back under 90 dollars

[pkpatriotic]

Oil falls back under 90 dollars
Wednesday, October 08, 2008

SINGAPORE: World oil prices fell back under 90 dollars on Wednesday as traders fretted over the global financial crisis and the resultant fall in energy demand, dealers said.

New York's main contract, light sweet crude for delivery in November, was down 40 cents at 89.66 dollars a barrel after climbing 2.25 dollars to 90.06 at the close of trading on the New York Mercantile Exchange on Tuesday.

Brent North Sea crude for November eased 26 cents to 84.40 dollars after rising 98 cents to 84.66 Tuesday in London.

 

[metalfalcon]

OIL prices are falling all over the world But PAKISTANI Govt has decided to maintain the prices. Normal Pakistani still cant feel the Relief of this news.

 

[pkpatriotic]

metalfalcon:
OIL prices are falling all over the world But PAKISTANI Govt has decided to maintain the prices. Normal Pakistani still cant feel the Relief of this news.

Yes 'metalfalcon' u r right that the relief is far away from the public

 

[pkpatriotic]

Government refuses to pass oil relief to consumers
By Sher Baz Khan
Thursday, 09 Oct, 2008

ISLAMABAD: Though crude oil price in the international market has dropped to below $80 a barrel from $100, the government has no intention to pass on this relief to domestic consumers when it will review prices of petroleum products on October 16, sources told Dawn on Wednesday.

During the fortnight review of petroleum prices on September 31, the government had kept prices unchanged while it was expected to announce Rs5 per liter reduction in price of petrol.

‘We have to offset the existing Rs6.2 per liter subsidy on diesel before announcing any reduction in oil prices,’ Secretary Petroleum G A Sabri told Dawn.

He said the fortnight diesel subsidy was around Rs1.4billion and that the government would think about removing this cushion before announcing any reduction in oil prices.

He said that it was not yet clear that the decline in the international oil prices would remain steady for the next week. But even if it did, the government would think over it while keeping the diesel subsidy in mind.

On Sept 15, the government had cut the petrol price by Rs5 per liter and increased the prices of high speed diesel (HSD), light diesel oil (LDO) and kerosene by Rs3.50 per liter.

The government is earning Rs19.52 as petroleum development levy on each liter of petrol sold and pay a subsidy of Rs8.21 per liter on kerosene and Rs7.41 on LDO. It is paying a subsidy of Rs6.42 per liter on HSD.

Now consumers are getting petrol at Rs81.66 per liter, diesel Rs68.14, HOBC Rs96.08, kerosene Rs61.87 and LDO Rs60.

On Sept 15, despite 35 per cent drop in the international market, the government had raised prices of high speed diesel, light diesel oil and kerosene by Rs3.50 per litre each or by 5.4 per cent, 6.2 per cent and 6 per cent respectively.

However, the petrol (motor spirit) price was cut by 5.8 per cent or Rs5 per litre. The High Octane Blending Component (HOBC) rates were kept unchanged at Rs96.08 per litre.

With that revision in the prices of petroleum products, the amount of subsidy being provided to the consumers had declined to about Rs2.5 billion per month from Rs4 billion a fortnight ago.

 

[pkpatriotic]

Oil prices continue lower

SINGAPORE: Oil prices continued lower Thursday on fears of slowing world energy demand despite government efforts to bail out the ailing global financial system, analysts said.

New York's main contract, light sweet crude for delivery in November, fell 63 cents to 88.32 dollars a barrel after a drop of 1.11 dollars to 88.95 dollars Wednesday at the New York Mercantile Exchange.

Brent North Sea crude for November dropped 46 cents to 83.90 dollars a barrel on top of a 30-cent fall to 84.36 dollars Wednesday in London.

Oil prices have already plunged from record highs above 147 dollars, reached in July, because of demand worries, dealers said. Prices have continued to fall despite measures including a US government plan to buy up to 700 billion dollars worth of tainted mortgage-related assets at the root of the global crisis.

On Wednesday Britain said it would make 50 billion pounds (87 billion dollars) of taxpayers' money available to buy shares in banks, providing them with fresh capital in a bid to prevent a banking system collapse.

 

[pkpatriotic]

Oil price tumbles to 15-month low under 67 dollars
Thursday, October 16, 2008

LONDON: Oil prices slumped further on Thursday, with Brent crude sliding under 67 dollars a barrel -- the lowest level for more than 15 months -- as slowing energy demand took its toll, traders said.

Crude oil futures were down more than 50 percent from record highs of above 147 dollars reached in July, when prices had rocketed on fears of supply disruptions.

Traders were digesting news that US crude stockpiles rose sharply last week, an indication that demand for energy was slowing in the United States, the world's biggest oil-consuming nation.

OPEC, worried about slumping oil prices, said it was bringing forward an extraordinary meeting on the impact of the current finance crisis on oil rates to October 24 from November.

Brent North Sea crude for delivery in November slumped to 66.42 dollars a barrel -- the lowest point since mid-2007 -- in late London trade.

By 1520 GMT, Brent recovered to 66.61 dollars, down 4.19 dollars from Wednesday's close.

The contract had ended down 3.73 dollars on Wednesday as mounting fears of a global recession raised expectations of a prolonged slowdown to worldwide energy demand.

In Thursday trade, New York's main futures contract, light sweet crude for November delivery, was down 1.37 dollars at 73.17 dollars a barrel after sinking as low as 71.21 -- a level last reached in August, 2007.

"The fears about this global credit crisis leading to an extended economic slump, and perhaps a recession, really are causing investors to bail out of equities and also oil," said Victor Shum from the Purvin and Gertz energy consultancy.

Global stock markets sank Thursday on mounting recession fears, a day after Wall Street's worst session in more than 20 years.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday cut its estimate for growth in demand for oil this year and in 2009 largely because of an "excessive" easing of demand in the United States.

 

[su-47]

Oil price tumbles to 15-month low under 67 dollars
Thursday, October 16, 2008

LONDON: Oil prices slumped further on Thursday, with Brent crude sliding under 67 dollars a barrel -- the lowest level for more than 15 months -- as slowing energy demand took its toll, traders said.

Crude oil futures were down more than 50 percent from record highs of above 147 dollars reached in July, when prices had rocketed on fears of supply disruptions.

Traders were digesting news that US crude stockpiles rose sharply last week, an indication that demand for energy was slowing in the United States, the world's biggest oil-consuming nation.

OPEC, worried about slumping oil prices, said it was bringing forward an extraordinary meeting on the impact of the current finance crisis on oil rates to October 24 from November.

Brent North Sea crude for delivery in November slumped to 66.42 dollars a barrel -- the lowest point since mid-2007 -- in late London trade.

By 1520 GMT, Brent recovered to 66.61 dollars, down 4.19 dollars from Wednesday's close.

The contract had ended down 3.73 dollars on Wednesday as mounting fears of a global recession raised expectations of a prolonged slowdown to worldwide energy demand.

In Thursday trade, New York's main futures contract, light sweet crude for November delivery, was down 1.37 dollars at 73.17 dollars a barrel after sinking as low as 71.21 -- a level last reached in August, 2007.

"The fears about this global credit crisis leading to an extended economic slump, and perhaps a recession, really are causing investors to bail out of equities and also oil," said Victor Shum from the Purvin and Gertz energy consultancy.

Global stock markets sank Thursday on mounting recession fears, a day after Wall Street's worst session in more than 20 years.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday cut its estimate for growth in demand for oil this year and in 2009 largely because of an "excessive" easing of demand in the United States.

the only silver lining of the credit crisis. petrol rices here have gone down a lot. by around 20%.

 

[Cheetah786]

Actually people of pakistan are still paying less so stop complaining and pay other wise take the public transit or walk.
government lost billions by subsidizing GAs to beging with time to take some of the money back.

 

[Imran Khan]

its going down more with doller today i thin some 68& per barrel

 

[zenith_suv]

Hope they come down to $50 or so and then stabilize - maybe then Govt. of oil Dependent nations will reduce prices.

As for Brazil - We're independent as far as energy needs are concerned

 

[Neo]

Oil price tumbles to 15-month low under $67 ​

Friday, October 17, 2008

LONDON: Oil prices slumped further on Thursday, with Brent crude sliding under $67 dollars a barrel, the lowest level for more than 15 months, as slowing energy demand took its toll, traders said.

Crude oil futures were down more than 50 per cent from record highs of above $147 reached in July, when prices had rocketed on fears of supply disruptions. Traders were digesting news that US crude stockpiles rose sharply last week, an indication that demand for energy was slowing in the United States, the world’s biggest oil-consuming nation. OPEC, worried about slumping oil prices, said it was bringing forward an extraordinary meeting on the impact of the current finance crisis on oil rates to October 24 from November.

Brent North Sea crude for delivery in November slumped to $66.42 a barrel, the lowest point since mid-2007, in late London trade. By 1520 GMT, Brent recovered to $66.61, down $4.19 from Wednesday’s close. The contract had ended down $3.73 on Wednesday as mounting fears of a global recession raised expectations of a prolonged slowdown to worldwide energy demand.

In Thursday’s trade, New York’s main futures contract, light sweet crude for November delivery, was down $1.37 at $73.17 a barrel after sinking as low as $71.21, a level last reached in August, 2007. “The fears about this global credit crisis leading to an extended economic slump, and perhaps a recession, really are causing investors to bail out of equities and also oil,” said Victor Shum from the Purvin and Gertz energy consultancy.

Global stock markets sank on Thursday on mounting recession fears, a day after Wall Street’s worst session in more than 20 years. The Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday cut its estimate for growth in demand for oil this year and in 2009 largely because of an “excessive” easing of demand in the United States.

For 2008, the cartel slashed its estimate for growth in demand to 550,000 barrels per day, giving average total demand of about 86.5 million bpd. Oil prices had skidded on Wednesday on recession fears and also following news that a Nigerian court had ordered Anglo-Dutch energy giant Royal Dutch Shell to hand over land to locals, a key demand of armed rebels camped in Nigeria’s crude-producing region.

 

[Imran Khan]

don't warry oil wery soon same like free.here in saudia water is expencive then patrol

check

patrol 1 litter 0.60 riyals

water 1 litter 2 riyals