Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Crude oil breaks US$90; investors look to gold
Adjust font size:

Crude oil surged to a record high of US$90.02 a barrel before dropping back to $89.28 on Friday, largely driven by a widening supply gap and further weakening of the US dollar.

 

Gold also hit a record high of US$776.9 per ounce on Friday after rising 4.1 percent over the past week.

 

The most actively traded crude oil futures contracts for delivery in November on the New York Mercantile Exchange surged 10 percent from last Wednesday to US$89.28 on Friday.

 

In Shanghai, the price of fuel oil futures contracts traded on the Shanghai Futures Exchange (SHFE) also climbed 2.8 percent over the past week. Prices of fuel oil futures for delivery in November on the SHFE rose 0.51 percent to close at 3,723 yuan per ton.

 

Analysts said supply and demand fundamentals are also lending support to the oil price rise. "When the market is confronted with tightened supply, investors become more vulnerable to worldwide economic and political uncertainties - like the geopolitical threats in the Middle East and the declining US dollar," said Lin Hui, an analyst at a futures company of Orient Securities.

 

Meanwhile, on the Shanghai Gold Exchange, the most actively traded gold product Au9995 closed at 185.44 yuan per gram on Friday, after surging 2.3 percent in the past week.

 

Wang Lixin, general manager of the World Gold Council Greater China, said uncertainties hanging over world economic growth triggered by the US subprime mortgage crisis have forced investors to seek refuge in gold.

 

"An increasing number of investors are buying gold to hedge against risks amid expected further devaluation of the US dollar," said Wang.

 

The US Federal Reserve's interest rate cut last month, which could drive down the value of the US dollar even further against other major currencies, is widely seen to have spurred investors to rush into commodity markets in anticipation of an upswing in energy and precious metal prices.

 

Expectation of continuous price rises has reportedly attracted sizable hedge fund investment in the oil and gold futures markets.

 

Analysts said the continuous drop in world oil inventories would drive oil prices to even higher levels in the next few months, especially with demand for heating oil increasing as winter approaches in the northern hemisphere.

 

Goldman Sachs predicts global oil inventories could reach critically low levels this year. Statistics compiled by the US investment bank show that the petroleum inventories of the Organization for Economic Cooperation and Development showed a draw of more than 27 million barrels in September.

 

This draw, combined with a 21-million barrel counter-seasonal stock draw in August reported by the International Energy Agency, indicates a third-quarter inventory draw of over 33 million barrels - a sharp contrast to the average 24 million barrels in the third quarter over the past 10 years.

 

Meanwhile, the monthly report released on Monday by the Organization of Petroleum Exporting Countries showed that daily world demand for crude oil averaged at 85 million barrels, up 1.52 percent from the same period last year.

 

(China Daily October 20, 2007)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Net imports of crude oil up 18%
Most Viewed >>

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
主站蜘蛛池模板: 在线观看xxx| 久久99国产乱子伦精品免费| 狠狠综合久久久久尤物丿| 国产一区二区精品久久| 很污很黄的网站| 国产综合久久久久鬼色| silk131中字在线观看| 成人羞羞视频在线观看| 久久人人爽人人爽人人片AV高清 | 亚洲乱码日产精品BD在线观看| 激情六月在线视频观看| 冬月枫在线观看| 美妇岳的疯狂迎合| 国产主播福利精品一区二区| 黄色毛片小视频| 最近更新中文字幕影视| 亚洲日韩在线中文字幕综合| 特级淫片aaaa**毛片| 制服丝袜中文字幕在线| 亚洲成a人v欧美综合天| 国产精品高清一区二区三区不卡| 9自拍视频在线观看| 好大好深好猛好爽视频免费| 丝瓜草莓www在线观看| 无码一区二区波多野结衣播放搜索| 久久精品国产一区二区三| 日韩视频免费观看| 亚洲AV永久无码精品表情包| 欧美性受xxxx| 亚洲成AV人片在线观看无码不卡| 欧美黑人玩白人巨大极品| 亚洲综合成人网| 污视频免费看网站| 亚洲爆乳精品无码一区二区三区| 热久久国产精品| 亚洲综合色丁香麻豆| 热の无码热の有码热の综合| 今天免费中文字幕视频| 男人操女人网站| 伊人国产在线播放| 狠狠色综合色综合网络|