The drop of oil prices
by Livia Cseresova
The prices of oil dropped sharply, as worries about supply cuts subsided. Oil prices recently fell by $3.92 which is about 2.7 percent and settled at $141.37 on the New York Mercantile Exchange. But analysts are skeptical that the sudden fall of price of oil indicates the start of a long-term decline.
Last week, the oil prices were much higher, as the traders believed that the conflict with Middle East might cut supplies and they wanted to be well prepared over the Independence Day holiday.
The worries fortunately eased over the weekend, as the EU foreign policy chief, Javier Solana said he received a letter from Iran and had a long “constructive in principle” conversation with Iran's top nuclear negotiator, Saeed Jalili. Apparently, they even agreed on a possible meeting.
In spite of easing the fears about cut of oil supply, the Americans still fear about the prices of gasoline, which are still higher and higher. According to an OPIS report, Americans are now paying more than $1 billion more for gasoline each day than they did five years ago.
The new trading record of oil , $145.85, was reached during on Thursday in New York. The boost of prices was partly caused by the falling dollar, which makes oil cheaper to investors overseas. The dollar dropped marginally against the euro on Monday.
However in other trade, heating oil futures decreased by 13.64 cents and settled at $3.9696 a gallon gasoline futures fell by 8.83 cents and settled at $3.4827 a gallon. Natural gas futures dropped by 60 cents to settle at $12.977 per 1,000 cubic feet.
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
Last week, the oil prices were much higher, as the traders believed that the conflict with Middle East might cut supplies and they wanted to be well prepared over the Independence Day holiday.
The worries fortunately eased over the weekend, as the EU foreign policy chief, Javier Solana said he received a letter from Iran and had a long “constructive in principle” conversation with Iran's top nuclear negotiator, Saeed Jalili. Apparently, they even agreed on a possible meeting.
In spite of easing the fears about cut of oil supply, the Americans still fear about the prices of gasoline, which are still higher and higher. According to an OPIS report, Americans are now paying more than $1 billion more for gasoline each day than they did five years ago.
The new trading record of oil , $145.85, was reached during on Thursday in New York. The boost of prices was partly caused by the falling dollar, which makes oil cheaper to investors overseas. The dollar dropped marginally against the euro on Monday.
However in other trade, heating oil futures decreased by 13.64 cents and settled at $3.9696 a gallon gasoline futures fell by 8.83 cents and settled at $3.4827 a gallon. Natural gas futures dropped by 60 cents to settle at $12.977 per 1,000 cubic feet.
| by Livia Cseresova for PocketNews (http://pocketnews.tv) |
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
Labels: CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, Markets, SigEx Foundry, SigEx Telecom
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