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Oil prices fall on US-China trade row, supply concerns
New York (AFP) Sept 14, 2009 Oil prices pulled back Monday amid fears that a US-China trade row could derail a fragile global economic recovery, adding to pressure from an oversupply of crude. New York's main contract, light sweet crude for October delivery, finished at 68.86 dollars a barrel, down 43 cents from Friday's closing level. London's Brent North Sea crude for October dropped 25 cents to settle at 67.44 dollars. The action came after a sharp retreat at the end of last week as traders took profits from a recent rally and mulled an oversupply of oil. "Oil bloat may get the bull's goat as we are entering the weakest demand period of the year," said Phil Flynn, of PFG Best. An escalating trade dispute between the United States and China weighed on markets. China filed a World Trade Organization complaint over what it alleged were unfair tariffs imposed by Washington on Chinese tire imports. The move was in response to US President Barack Obama's decision Friday to impose punitive duties of 35 percent on the Chinese imports. "Oil prices continue their downside move as Obama gets into a trade war with China and the dollar starts to show some signs of life," Flynn said. "If this escalates more it can have a dramatic impact on many commodities," he added. The United States is the world's biggest energy-consuming nation, followed by China. Sucden analyst Nimit Khamar said the trade row "is weighing on market sentiment as increased protectionism could hinder a global economic recovery." Last week, the Organization of the Petroleum Exporting Countries decided to maintain its current production levels, citing downside risks to a global economic recovery. OPEC, which pumps about 40 percent of world oil supplies, said the market "remains oversupplied." "Oil bulls are now on the ropes as it gets harder to dismiss a global oversupply," PFG Best's Flynn said. Flynn noted that US oil stockpiles were above their average high of the past five years. US reserves of distillates, which include heating oil, remain 25 percent higher than a year ago, according to official data. burs-vs/rl Share This Article With Planet Earth
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Thousands of tonnes of earth metals smuggled out of China: state mediaBeijing (AFP) Sept 14, 2009 Around 20,000 tonnes of rare earth metals, considered vital to modern and green technologies, were smuggled out of China last year, state media said Monday. Faced with a rise in demand for the rare metals, many buyers are taking the risk of smuggling them out of the country, the China Business News (CBN) was quoted as saying by the official Xinhua news agency. Citing an anonymous ... read more |
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