Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Crude futures surge above 70 dollars on weak dollar, production cut
+ -
08:23, November 05, 2008

 Related News
 Dollar falls against euro, pound
 Wall Street refreshes its largest Election Day rally in 24 years
 Wall Street soars as U.S. presidential election kicks off
 Chinese film and TV program exports break 2.1 billion yuan mark
 China receives orders for 208 ARJ21 jets
 Comment  Tell A Friend
 Print Format  Save Article
Crude futures surged above 70 U.S. dollars a barrel Tuesday on weak dollar and Saudi Arabia's move to cut production.

Light, sweet crude for December delivery rose 6.62 dollars to settle at 70.53 a barrel on the New York Mercantile Exchange after rising as high as 71.77 dollars.

The Commerce Department reported that U.S. factory orders fell 2.5 percent in September from August, much worse than analysts had predicted. On Monday the Institute for Supply Management reported U.S. manufacturers contracted more than analysts expected in October, the worst reading in 26 years.

However, commodities such as oil, gold all surged Tuesday as investors flooded to futures market while the greenback plunged on Election Day.

Crude futures also soared on reports that Saudi Arabia, the world largest oil producer, had cut around 900,000 barrel per day from its peak in August. In addition to Saudi Arabia and Venezuela, other OPEC members were also showing signs of cutting output.

Oil prices got boost from stock market as Wall Street rallied more than 3 percent Tuesday ahead of the U.S. election result.

In London, December Brent crude rose 5.96 dollars to settle at 66.44 dollars on the ICE Futures exchange.

Source: Xinhua



  Your Message:   Most Commented:
30th Anniversary of China's Reform and Opening-up
Obama widens leading margins over McCain in national polls 
The Treasury's $ 700 billion rescue is a double-edged sword
Proposal over same-sex marriage sparks controversy in California 
World's largest pinata unveiled in Philadelphia 

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90864/6527492.pdf