;
Home / Knowledge / News / Textiles / Crude oil gets out of reach as prices hit new record
Crude oil gets out of reach as prices hit new record
17
Jun '08
US light crude touched US $139.89 a barrel today, exceeding the previous record of $139.12 hit on June 6.

The prices fell by 25 cents to $134.61 at the end of New York trade. Saudi Arabia has expressed the desire to boost production by 200,000 barrels a day in the coming month to help meet the growing world demand for the commodity.

If the plan materializes, the total production would rise by 6 percent to touch 550,000 barrels a day and would take Saudi Arabia's output to its highest monthly rate since 1981.

Even in May, the country, having a reputation for being a dependable source for extracting more crude oil increased its production by 300,000 barrels a day.

Experts believe that high crude oil prices are an outcome of speculation rather than a shortage in supply. In fact, the market seems to get going along with these changing trends and the prices are expected to jump as high as $200 a barrel in the next eighteen months.


Must ReadView All

93% remediation in Alliance-affiliated factories complete

Textiles | On 17th Dec 2018

93% remediation in Alliance-affiliated factories complete

Remediation in all the factories affiliated with the Alliance for...

India should consider 100% FDI in multi-brand retail: CII

Apparel/Garments | On 17th Dec 2018

India should consider 100% FDI in multi-brand retail: CII

The Indian Government should consider permitting 100 per cent foreign ...

Texhong Textile acquires Winnitex for HK$1350 mn

Textiles | On 17th Dec 2018

Texhong Textile acquires Winnitex for HK$1350 mn

Texhong Textile Group, one of world’s largest core spun yarn...

Interviews View All

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

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

Nuno Venda, ROQ

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Bani Batra,

Bani Batra

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

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

Leave your Comments


December 2018

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

news category


Related Categories:

Advanced Search