InfoAnda - OPEC caught in dollar crossfire

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Analysis: Senate race underscores voter anger | 16 January 2010
Teen suicide puts spotlight on high-tech bullying | | 10 April 2010
India's Tata Motors sees 13% dive in March sales | 2 April 2009

Russia puts brakes on further nuclear cutbacks | 19 January 2011

Forum Views () Forum Replies ()

Read more with google mobile : OPEC caught in dollar crossfire

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World OPEC caught in dollar crossfire AFP - Sunday, October 17 Send IM Story Print OPEC caught in dollar crossfire VIENNA (AFP) - – OPEC nations seeking higher oil prices to boost revenues may get their wish as the sliding dollar sees investment switch from the US currency and into crude and other commodities, according to analysts. Yet higher commodity prices, which help to push up inflation, are also seen as a threat to the economic recovery. The Organization of Petroleum Exporting Countries, which pumps 40 percent of world oil, chose last week to keep its official production target unchanged at a ministerial meeting in Vienna, home to the cartel's headquarters. OPEC left its target at 24.84 million barrels a day -- where it has stood since the start of 2009 -- claiming the market is well supplied amid risks to the economic recovery and against a backdrop of mainly steady oil prices. Crude oil futures have traded between 70 and 80 dollars for much of the past year but shot above 85 dollars in recent days, helped by the tumbling dollar and data showing surprisingly strong global demand for energy. The spike came as OPEC members Algeria, Libya and Venezuela said they wanted to see prices at 90-100 dollars a barrel. "Because the dollar is getting eroded, the price of commodities, particularly food and wheat are high," Libya's OPEC official Shukri Ghanem said on the sidelines of the Vienna meeting. "Subsequently we are losing on our real income. We like to see a higher price up to 100 dollars," added Ghanem, who is head of Libya's National Oil Company. However, mindful that a spike in prices could harm global economic recovery, OPEC kingpin Saudi Arabia said it was satisfied with current crude price levels. The dollar extended its freefall against the euro and yen last week on growing expectations that the US Federal Reserve will pump out more new money to support flagging recovery in the world's biggest economy. "A weaker US dollar is not without consequence as it erodes OPEC revenues in real terms and ends up tending to force higher oil prices and other commodity prices to compensate," said Neil MacKinnon, an economist at investment group VTB Capital. "So oil producers face a dilemma here as oil prices much above 90 dollars would threaten the global economic recovery at a time when the US economy is already slowing down and the Fed looks ready to add more monetary stimulus," he told AFP. A weak greenback makes dollar-denominated commodities like oil cheaper for buyers holding rival currencies, boosting demand. Gold soared to record highs close to 1,390 dollars an ounce on Thursday as speculators rushed to the precious metal, which is also seen as a safe-haven in times of economic distress. It came as OPEC Secretary-General Abdalla Salem El-Badri warned that fresh US stimulus measures could lift speculators' interest in crude oil, risking a surge in prices, as in in 2008 when they hit record highs above 147 dollars. Meanwhile in an OPEC communique issued after its latest meeting, the cartel noted that "oil has increasingly emerged as an asset class, with excessive speculation adding appreciably to market volatility." The 12-nation organization, whose members also include Ecuador, Iran and Nigeria, meets periodically to set output with a view to supporting its revenues and oil sector investment. But as Commerzbank analyst Carsten Fritsch noted: "As oil prices are currently being driven by the financial market especially, OPEC's power of influence is limited at the moment." Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 23 minutes ago BHP and Rio seek merger exit without break fee: report Reuters - 24 minutes ago BHP, Rio seek merger exit without break fee -paper Reuters - 30 minutes ago Yemeni planes bomb al Qaeda in south after ambush Reuters - 43 minutes ago Arabtec sees 2010 revenue of $1.5-1.7 bln - CEO Reuters - 1 hour 4 minutes ago News Search Top Stories Cuts will haul UK back from edge: finance minister Blonde or brunette? Celluloid rivals fight it out China battles to rescue trapped miners German police evict protestors in station siege Iranian chocolate thief 'to have hand chopped off' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World's longest tunnel breaks down Swiss Alpine barrier NESV seal acrimonious Liverpool takeover Iranian chocolate thief 'to have hand chopped off' Time, like all good things, may come to an end: study World's longest cable car line opens to Armenia More Most Viewed » Too much TV psychologically harms kids: study British lottery winner gets record 129 mln euros Workers swarm Europe's streets in anti-cuts protests 'A billion people' go hungry in 2010: report Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Sunday, 17 October 2010
Blasts hit southern Afghan city, at least one dead |
EU lacks vision on Turkey membership: Gul
Herat 'may be handed to Afghans by 2011'
Iranian chocolate thief 'to have hand chopped off'
Karzai: Afghan peace council is hope for future
World's longest cable car line opens to Armenia
Rescuers hunt for trapped Ecuadorean miners |
Seven Iraqis arrested in September army base attack |
N.Korea 'ready' to resume nuclear disarmament talks
Japan rallies against China over disputed islands
Indian Muslims to appeal disputed holy site ruling
Alicia Keys gives birth to baby boy
China media mostly quiet as mine blast traps 16
Germany to help Japan obtain vital rare earths
China calls US green-tech trade charges 'groundless'
New date sought for Paris peace summit
Britons trust ministers on cuts, expect unfairness
Six killed in gun attack in Mexican border city |
Seven Iraqis arrested in September army base attack
Philippines braces as Megi becomes super typhoon |
Blonde or brunette? Celluloid rivals fight it out
Basque separatist says ETA should declare 'permanent truce'
China urges anti-Japan protesters to stay within law |
Attacks hit Kandahar, killing 2 Afghan civilians
Some of Chile's 33 to return to mine for ceremony |
German police evict protestors in station siege
China battles to rescue trapped miners
German bid at multi-cultural society has failed: Merkel
Voting starts in Pakistan's Karachi after violence |
Bomb hits Kandahar city police HQ; 1 Afghan dead
New date sought for Paris peace summit: Israel |
Israeli air strike kills militant in Gaza Strip |
Tens of thousands rally against Italian government
Jolie to get back licence to film in Bosnia: local producer
Philippines braces as Megi becomes super typhoon
China urges anti-Japan protesters to stay within law
Vietnamese sailors located after China release
Gates: No sensitive info in Wikileaks Afghan papers |
10 die in Indian temple stampede
Stoner scorches to fourth straight Aussie MotoGP win
At least 17 people killed in Pakistan's Karachi
Russian Arctic's 'nuclear dump' gets a facelift
Insurance fraudsters target North Korean refugees
Hope fades for 11 trapped miners in China
Blonde or brunette? Celluloid rivals fight it out in Paris
Hobbit row 'threatens' NZealand film industry
Australian police probe Gitmo detainee book deal
Festival stampede at north Indian temple kills 10
US-ENTERTAINMENT Summary
"Leave It to Beaver" mom Barbara Billingsley dies
Crocheted coral exhibit carries environmental warning
Jolie to get back licence to film in Bosnia: local producer
Leave It to Beaver mom Barbara Billingsley dies |
US-TECH Summary
Gates: No sensitive info in Wikileaks Afghan papers
'Fallout: New Vegas' takes post-apocalypse play to Sin City
Afghan reprieve for some private security firms
Merkel says German multi-cultural society 'has failed'
Ahmadinejad says world has no option but talks
American held in Iran for 30 months says to sue group |
Sarkozy, French unions fight to finish on pensions |
Israeli air strike kills 2 militants in Gaza Strip
Off-Duty Baltimore Police Officer Killed After Argument Over Parking Space
Afghan 2010 troop death toll reaches 593
Yemeni planes bomb al Qaeda in south after ambush |
NATO service member killed in southern Afghanistan
Pope makes saint of nun who exposed sexual abuse |
American freed in Iran says he is innocent
Thai red shirts rally to demand leaders be freed |
Iran warns domestic media over opposition news |
Nine missing Vietnamese fishermen found adrift |
Somali pirates seize S.Korean fishing boat
Thai PM faces court as ban threat hangs over party
Minimum and maximum temperatures in Celsius
Super typhoon only hours away from Philippines
Discovery of GPS tracker becomes privacy issue
Taiwan bourse 'says 61 foreign firms want to list'
APEC ministers warn food security at 'crossroads'
India launches diamond bourse
OPEC caught in dollar crossfire
India's 'King Coal' sale to raise billions
SE Asia should 'de-dollarise', but slowly: experts
Wall of money leaves Asia swimming against tide
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01