Home / Knowledge / News / Textiles / Crude oil prices stay stable between Dec 15 & 30
Crude oil prices stay stable between Dec 15 & 30
31
Dec '11
In the last fortnight, Crude oil prices remained stable amid volatility in global markets. In the beginning of the fortnight, crude oil prices declined following to announcement by OPEC to leave production unchanged from current level of 30 million barrels per day including Libyan production.

In the first few days of the fortnight, crude oil prices in Nymex and WTI Cushing were around US$ 93.53/barrel whereas price of Dated Brent was around US$ 104.05/barrel. Price of crude oil remained weak as Paris based rating agency put all countries in Euro region under negative rating watch, as exports from Euro region declined by approximately 1.5 percent in last quarter of 2011.

On other side the US greenback firmed up further and unemployment figures declined to lowest level since May 2008. In Asian market, crude oil price was firm as death of the North Korean leader lead to regional instability. In M E Asian market also, there was fear of disruption in crude oil supply as Iran warned of blocking a key oil shipping route.

Eleven countries including the US, Europe and a few Arab countries discussed fresh sanctions on Iran. They were also concerned about supply constraints. Crude oil prices remained firm by the end of the fortnight, due to encouraging reports from US and emerging markets. In the mid of the fortnight, selling offers for Nymex and WTI Cushing were around US$ 97.25/barrel whereas Dated Brent price hovered around US$ 107.65/barrel.

In the second half of the fortnight, selling offers for crude oil remained firm due to positive economic report from the US and Germany. In the US market, crude oil price speculators blamed drop in stockpiles of US energy reserves, as the reason for firming of prices.

Data released by Chinese Customs confirmed that China imported crude oil at record high levels. In November, China imported crude oil equivalent to 5.54 million barrel/day. In Indian market also, there was a plan to import oil up to 5.33 million tons for strategic oil reserve purpose. Crude oil prices also remained firm due to encouraging reports from the US.

By the end of the fortnight, oil prices jumped high due to Iranian threat to halt flow via vital oil channel. US inventories surged unexpectedly according to EIA. Tensions in Asian region helped to overcome slack prices. Many market experts firmly believed that average oil price will hover around US$ 105/barrel in 2012 but, market experts are still not clear due to impact of Euro zone crisis and slack global demand.

The Euro hit its lowest level in the last fifteen months in the period. News of Italian debt added fuel to ongoing European debt crisis and made the global economy shaky.

Editorial Note:
Crude oil market is expected to remain firm in short term future due to optimistic fundamentals.

Fibre2fashion News Desk - India


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search