Home / Knowledge / News / Textiles / Threats to oil supplies shoot up prices
Threats to oil supplies shoot up prices
12
Jul '08
Crude oil prices surged by US $5 to hit a new record of above $147 a barrel yesterday due to threats of low supplies from Iran and Nigeria and a possible strike by Brazilian oil workers next week.

US crude rose $2.15 to settle at $143.80 after touching an all-time high of $147.27 earlier in the day. Prices have mounted by more than $10 in just two sessions rising by $5.60 or 4 percent a barrel on Thursday. London Brent crude also went up by $1.32 to reach $143.55 a barrel after hitting $145.80 for a short while.

Experts believe that erratic supplies and strengthening demand scenario is unlikely to change until after Beijing Olympics. Recent trends have show that oil prices were actually on a retreat until July 10 when fears of supply disruption, in OPEC member countries like Nigeria and Iran, resurged and led to shooting up of prices.

Oil infrastructures in Nigeria are under constant terror of rebel attacks and this has played a major role in hiking oil prices by nearly 50 percent.

Investors have switched to oil and other related commodities to hedge themselves from the impacts of global rising inflation and weakening dollar.

Moreover, workers at Petrobras, Brazil, are also planning a five day strike sometime next week which would immensely affect more than 80 percent of the daily oil yield of around 1.8 million barrels.

Ironically, oil prices have continued to rise despite efforts made by top-ranking Saudi Arabia exporters to raise production to its maximum capacity. However, no demand has been generated for the additional crude that the country has pledged to pump.

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

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

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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