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 Oil prices fluctuate amid uncertain financial conditions in Europe

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PostSubject: Oil prices fluctuate amid uncertain financial conditions in Europe    Thu Oct 20, 2011 9:59 am

Economics 10/20/2011 4:08:00 PM

Oil prices fluctuate amid uncertain financial conditions in Europe

KUWAIT, Oct 20 (KUNA) -- Current fluctuation of oil prices is attributed to prevailing doubts whether Europe has succeeded in resolving the financial crises, namely that of the sovereign debts of some European Union member states, said the Global Investment House (Global or GIH) in a report released on Thursday.
September witnessed unstable prices of the crude with attention of the concerned quarters, namely the investors, pinned to the European debts crisis, amid forecast drop of demand for oil in the continent.
European industrial indexes, for the first time since two years ago, turned bearish, particularly after Greece declared it was defaulting on its debts and payment of dues in the last quarter of this year.
Global forecast tremendous pressure on the oil prices with new negative news about cut of the credit rating of other EU states, namely Spain and Italy.
US Federal Reserve's prediction of further global economic sluggishness boosted anticipation of greater effects on the prices of oil.
Projected high demand for oil is expected to be from China, despite indication of drop of industrial activities, in September. Moreover, fall of manufacturing industries in the europe zone, for the first time since three years ago, would also boost the negative anticipations about the global demand for energy.
Global foresaw no hike of the demand due to the unstable prices.
The world demand for oil amounted to 87.8 million barrels till the third quarter of 2011. It is expected to drop 400,000 barrels per day in the end of the year, according to OPEC studies.


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PostSubject: Re: Oil prices fluctuate amid uncertain financial conditions in Europe    Thu Oct 20, 2011 10:17 am

Its just part of what I call the Hot Money Plays. Oil like gold and silver will always go up and down, just like any other comodity. Go RI and then lets watch oil and gold hit bottom within 6 months and we'll see better times world wide. AJ
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