Oil reached $93 per barrel as the news of the North Korean leader’s death spread like wild fire in Asia. Kim Jong II, the North Korean leader’s death led to a fall in crude prices too. The Benchmark crude, up for January delivery fell by 31 cents and reached $93.22 per barrel by Singapore time in New York Mercantile Exchange, which later fell by another 3 cents to reach the price of $93.53 on December 16, 2011.
Meanwhile in London, the prices of Brent Crude were down by 40 cents and were reported to be at $102.85 at the ICE futures exchange. Following Kim’s death, stocks in Asian markets fell on the following Monday December 19, 2011 too; on apprehensions that his death might bring in greater instability between the two divided Korean regions. Likewise the stock markets in South Korea slid by 3.4% and the markets in Hong Kong reported a 1.2 percent fall. Japan too witnessed a similar fate with 1.3 percent fall in the stocks.
The slid however came as a contrast to better oil prices last weeks following the news on US economy getting better. Later this week we are in expectation of the housing and gross domestic product schedule of the US. These reports play a significant role as they would affect the oil prices considerably, by shifting the centre of focus from Europe’s economic crisis to the US and its rebounding stock markets.
Earlier this month as we all have been reading, crude prices fell below $100, on apprehensions of the Europe’s debt crisis leading to undermined oil demands in the entire world. In the Nymex trading, natural gas was down by 4.7 cents and was at $3.08 per 1000 cubic feet. Likewise heating oil was low by .7 cents and gasoline futures witnessed 0.2 cent fall.
The slid however came as a contrast to better oil prices last weeks following the news on US economy getting better. Later this week we are in expectation of the housing and gross domestic product schedule of the US. These reports play a significant role as they would affect the oil prices considerably, by shifting the centre of focus from Europe’s economic crisis to the US and its rebounding stock markets.
Earlier this month as we all have been reading, crude prices fell below $100, on apprehensions of the Europe’s debt crisis leading to undermined oil demands in the entire world. In the Nymex trading, natural gas was down by 4.7 cents and was at $3.08 per 1000 cubic feet. Likewise heating oil was low by .7 cents and gasoline futures witnessed 0.2 cent fall.
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