He crossed the Atlantic for an MBA at Harvardthe Agriculture Ministers met this weekendMitsubishi will be more that ever the team to beatOr the India had come to rely on these capitalLet us be ambitious think participatory governance and think EuropeanToday it would include 200000 registeredBut the niche matter less than efficiencyIt is this last criterion that primera now000 vehicles against 127000 for InfinitiBut this caution does affect its longterm visionThe price of oil has accelerated its fall yesterday, falling below 90 dollars per barrel in London as investors are concerned for the health of the economy on a background of financial meltdown in the United States. In two sessions, he lost more than 10 dollars. New York, "light sweet crude" barrel for October delivery gave up to 4.88 $ 90,83 $. London, a barrel of brent for delivery in November fell to 89.2 meeting, falling $ 5 dollars and showing its 14th consecutive declining session the longest series since the inception of the contract in 1988. It closed at 91,16 21: 00 $ 30 (Paris time). There is record of 147 dollars reached in early July.
"The fear is that the severe deterioration of the banking crisis in the United States does extend to the real economy and oil demand," said Carsten Fritsch, analyst at Commerzbank, to Bloomberg Agency. There is a strong chance that prices continue to fall until they stabilize.
In fact, signals that have pushed the black gold in normal time course today seem to be ignored by the market. Neither the new attack on a facility of Shell in Nigeria, claimed yesterday by the armed group Mend, or the interruption of production in the Gulf of Mexico related to Hurricane Ike, or geopolitical concerns on the situation in Georgia or Iran have not slowed this fall. In the aftermath of the bankruptcy of Lehman Brothers and bailout of AIG's pending, investors focus on the negative signals.
Decline in consumption
And they exist. Yesterday, five days after the International Energy Agency (IEA), the Organization of petroleum producing countries (OPEC) lowered its forecast of demand for black gold for 2008 and 2009 in turn. Now, the cartel table on a rise in world demand for crude of 1.02 for this year, compared to 1.17 previously, and on an increase of 1 for next year, against 1.03 previously. He referred also to the decline in consumption in the countries of the OECD, the United States and Europe sometimes. The risk is that the slowdown spread to emerging countries.
Harry Tchilinguirian, analyst at BNP Paribas oil, also stressed the disengagement of the investors, began in July. The funds that had invested in raw materials, through indexes or directly reduce more exposure. Their progressive withdrawal causes a mechanical reduction of liquidity on the market which, at the time, amplifies the movements. "Many barrels paper are removed from the market," he said.
Jim Washser, in Energy Intelligence, believes that the collapse of Lehman Brothers and Merrill Lynch (purchased Monday by Bank of America) will further reduce demand barrels paper with their disappearance of market and the domino effect to wait with other financial institutions, "which will tend to cut their positions of brokerage and keep the cash available. With the reduction of the number of purely financial actors, a decrease to 85 dollars is perhaps distant step, concludes. "The fall is moderated by extremely negative sentiment on the economy," adds Harry Tchilinguirian. If the market showed exuberance on the rise, it can show the same exuberance downward.
