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Singapore (AFP) Nov 17, 2010 Oil was mixed in Asian trade Wednesday amid investor concerns that China might again tighten monetary policy and worries over Europe's debt woes, analysts said. New York's main contract, light sweet crude for December delivery, rose slightly by three cents to 82.37 dollars a barrel. Brent North Sea crude for January delivery was off 13 cents to 84.60 dollars. Analysts from the Commonwealth Bank of Australia said there were "growing fears that the European debt crisis and tightening policy measures in China will reduce oil demand". Speculation is building over a possible rescue for Ireland running up to 123 billion dollars (90 billion euros) after Greece was bailed out by the European Union and the International Monetary Fund with 110 billion euros in May. "Several factors are keeping a lid on oil prices at the moment," said Westhouse Securities analyst David Hart. "Among these, rising inflation expectations in Asia are increasing concerns that growth in the region will be reined back which would, in turn, moderate increases in crude demand." Data released last week showed that Chinese consumer prices rose at their fastest pace in more than two years in October, reviving worries that the authorities might hike interest rates again.
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China grapples with diesel shortageBeijing (UPI) Nov 16, 2010 China is facing severe shortages of diesel fuel as more enterprises have turned to diesel-powered generators amid enforced blackouts. The power cuts began after Beijing announced in August that it would have difficulty reaching energy-saving targets. In the city of Wenzhou in Zhejiang province, for example, the imposed rationing schedule is one day of electricity, followed by two ... read more |
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