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

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

APTMA calls for implementation of PM’s export package

Textiles | On 21st Oct 2017

APTMA calls for implementation of PM’s export package

The All Pakistan Textiles Mills Association (APTMA) has called for...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Suresh Patel
Sidwin Fabric

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women 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

October 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
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

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
61.8%
No
27.9%
Skip
10.3%

Total Votes: 68

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
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

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
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


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