Oil Price Below US$30?

skrg ni minyak dah jatuh bawah US$60 kan..nampaknya ada possibility akan jatuh further..on one side maybe bagus utk kita sbg consumer yg mana harga minyak akan diturunkan..

tapi on the other hand..msia export lagi byk dari import..maksudnya income negara akan berkurangan..padahal haritu budget utk tahun 2009 dibuat berdasarkan harga minyak US$125 kalau tak silap aku lah...so mana nak dtg lagi duit utk perbelanjaan yg dah dirancang tu? wallahualam..harap2 kerajaan kita bijak menangani semua krisis yg akan dtg

Traders bet on US$30 oil as Opec plans talks on output

DALLAS: Oil traders made their biggest bet yet that the Organisation of Petroleum Exporting Countries (Opec) will fail to prevent crude prices from plunging below US$30 (RM108) a barrel.

Trades in crude-oil options contracts that would allow the holder to sell oil for February delivery at US$30 a barrel reached 1,407 on the New York Mercantile Exchange yesterday, making the contract the day's second-most active, exchange data show.

Opec, the supplier of about 40% of the world's oil, plans to meet Nov 29 in Cairo to discuss another output cut after crude oil touched US$54.67 a barrel, a 21-month low, yesterday. The 13-member organization cut production by 1.5 million barrels a day at a meeting in Vienna last month.

Price Of Goods: Fast To Go Up. Slow To Come Down

nilah masalahnya bila naikkan harga minyak..harga barang semua terus naik..bila diturunkan harga minyak..harga barang ni maintain je..

KUALA LUMPUR, Sept 18 (Bernama) -- "Fuel price has gone down but prices of goods remain high.

"Retailers are quick to adjust prices upward but tend to drag their feet when it comes to bringing them down!"

Those were among the grouses from consumers after the government lowered the petrol pump price by 15 sen to RM2.55 a litre and that for diesel by eight sen to RM2.50 sen a litre last Aug 23.

Most of them were already hard-pressed by the jump in the price of goods, sparked by the hike in petrol pump price by 78 sen a litre from RM1.92, and diesel by RM1 to RM2.58, in early June

Several days prior to the fasting month of Ramadan, a friend of this writer complained that the price of fish at the market was high. He said a fishmonger told him that the price would be higher in the coming weeks.

"Its the fasting month," came the fishmonger's nonchalant explanation.

It would appear that the fishmonger and others of his ilk were gleefully counting the profits that they would reap during Ramadan and the coming Aidilfitri festive season.

HIGH FOOD PRICE

Meanwhile, there are numerous complaints that as Ramadan enters its third week, prices of food are still high and that they vary from one seller to another.

For example, the kuih (traditional cookies) costs either 40 or 50 sen per piece. In fact many traders are 'forcing' consumers to buy wholesale, by offering five pieces of kuih for RM2 and ignoring those who wish to buy, say two pieces for 80 sen.

A random check at a farmer's market in the first week of Ramadan revealed that prices of goods are expected to stay high throughout the fasting month.

According to a trader there, prices are only expected to dip after Hari Raya.

"The price is not government-controlled, it is decided by the wholesalers", said a trader at the same market with a hint of sarcasm. Full Article

Oil falls to three-month low of US$118

harga minyak dah turun ni...bila harga petrol kat msia nak turun plak..aritu naik cepat jee huhuhu

By Alex Lawler

LONDON: Oil fell to US$118 (RM389.40) a barrel on Aug 5, a three-month low, as investors focused on rising Opec supply and declining demand in the United States and Europe.

The loss extends a slide from the July 11 record high of US$147.27 a barrel and comes despite a storm in the Gulf of Mexico that is curbing oil output and tension over Iran's nuclear programme.

US crude was down US$2.70 at US$118.71 a barrel by 0852 GMT and fell as far as US$118.00, the lowest price since May 5. London Brent crude shed US$2.82 to US$117.86.

Tropical Storm Edouard, the fifth tropical storm of the 2008 Atlantic hurricane season, has curbed oil production, shipping and refining. But traders were discounting the risk of wider disruption to oil facilities.

"It seems that the market is losing interest in geopolitical and weather-induced 'props', and instead is becoming more aware of growing supply/demand imbalances," said Edward Meir, analyst at MF Global, in a report.

Monday's losses came after Reuters survey showed Opec oil supply rose for a third consecutive month in July mainly because of increased output from the world's top exporter Saudi Arabia.

The boost in production from Opec, source of two in every five barrels, coincides with soaring energy prices and an economic slowdown that has eroded consumption in the United States and Europe.

Reuters