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World oil prices fall
Singapore (AFP) Aug 5, 2008 World oil prices fell in Asian trade Tuesday as fears about slowing US demand offset worries about tension over oil-rich Iran's controversial nuclear programme, dealers said. In afternoon trade, New York's main contract, light sweet crude for September delivery, fell 1.10 dollars to 120.31 dollars a barrel from 121.41 dollars at the close of floor trading in the United States on Monday. London's Brent North Sea crude for September delivery dropped 1.10 dollars to 119.58 dollars. Oil prices fell below 120 dollars in New York and London on Monday for the first time in three months after the latest US economic indicators signalled weakness in the world's biggest economy, dealers said. The monthly US Commerce Department survey showed consumer spending, which fuels two-thirds of output, had cooled in June while inflationary pressures accelerated. The US is the world's biggest energy user and any signs of slowing consumer spending usually weigh on global oil demand projections. Tropical Storm Edouard, expected to make landfall Tuesday, will likely only provide a limited boost to prices as investors are more concerned with American oil demand, analysts said. "US demand won't recover soon. Tropical Storm Edouard should bring a short-term support but demand outlook weighs on prices," commodity analysts from Societe Generale said in a report. Phil Flynn, an analyst from Alaron Trading, agreed demand concerns were the biggest factor dragging down market sentiment. "Slowing demand and the hope for more supply is weighing on the market even as the geopolitics and the weather is getting wild," said Flynn. Tension over Iran's nuclear programme surged after it missed a deadline over the weekend to respond to an international package of incentives aimed at persuading Tehran to freeze uranium enrichment. The US State Department said Monday that it and the five other powers holding nuclear talks with Iran had threatened to pursue new punitive action against Tehran. Iran has refused to suspend uranium enrichment it says is aimed solely at producing fuel for nuclear power production. The United States and its allies fear the programme is a cover for developing nuclear weapons. Iran is the world's fourth-biggest crude oil producer and traders fear supply disruption from the Islamic republic if tension is further heightened. burs-bh/skj Related Links Powering The World in the 21st Century at Energy-Daily.com
ATA Calls For Staggered Release Of Strategic Petroleum Reserve
Washington DC (SPX) Aug 05, 2008The Air Transport Association of America (ATA), the industry trade organization for the U.S. airlines, has testified before the House Select Committee on Energy Independence and Global Warming on the critical importance of tapping the Strategic Petroleum Reserve (SPR) to help bring immediate relief to consumers and businesses suffering from high fuel prices. |
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