Business

Tightening Up!
by Milota Sidorova

After exploding Tuesday's news in crude oil market, when the prices hit all-times record $119,90 a barrel, U.S. crude eased below $118 to $117.89 a barrel early this morning.The golden age of gas market seems to be definitely over, whereas the prices rise more than 5 fold since 2002. Analysts linked Tuesday's turmoil with Nigeria rebel's attacks on pipelines, that shut down approximatelly 169,000 barrels per day from Shell and Bonny Light production last week.Strike also hit Scotland's Grangemouth refinery, that could potentially impact the North Sea gas production.One step further, two steps back relief followed London Brent crude slumping 21 cents to $115.74 after thrilling the previous season's record $116.75.Continiously weaking dollar against other world currencies has greatly influenced the climbing rates, declared New York Merchant Exchange report. Despite of general fears and worries some suggest, that there is no time to burry the hatchet."We are seeing no evidence of demand destruction even as prices keep rising," quoted Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.He suggests that OPEC was not willing to pump more oil onto the market. Yet there has been no sign that the production should increase beyond OPEC estimations.During the International Energy Forum, held in Rome oil producers expressed the worries about general oil politics , that there would be nothing to halt the oil rally. In this direction they were expectiong even irreversibly rising prices.However, Ali al-Naimi, oil minister to OPEC kingpin in Saudi Arabia underlined that not the lack of reserves, either lack of investments pushed the prices to record level. He suggested that the world was not running out of oil.

related story: http://news.yahoo.com/s/nm/20080422/bs_nm/markets_oil_dc;_ylt=AjPOnyn9pUmZKUxK4S8ViTis0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are brought to you by CantellTV, its technology partner SigEx Telecom and its founder Chris Cantell. CantellTV is the fastest growing provider of digital broadcasting coupled with enhanced communications, allowing people to easily control, view, upload and share digital content through proprietary interface. CantellTV has relationships with a growing network of international clients delivering millions of videos per day with more than 50,000 new videos uploaded and 200 hours of new TV shows broadcasted daily to a wide range of viewers, from 5 to 7 year olds of LiveCartoons; to 16 to 24 year old active social users of MyJumps; to fortune 50 corporate clients utilizing enhanced broadcasting services. CantellTV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers. Chris Cantell retains consulting arrangements with several pre-IPO companies.</font><br>

edited by Beata Biskova

Labels: Business, CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, SigEx Foundry, SigEx Telecom

posted by Blog TechSource @ 6:13 AM