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World News

4 September 2008, 09:47

Oil Rig

The price of crude oil fell back to $108.12 this morning because of a stronger dollar and slowing demand for crude.

The almost total shutdown of energy output in the Gulf of Mexico will come back on stream after the passage of Hurricane Gustav.
Tropical storm Hannah is now hitting the coast of the Dominican republic and tropical storm Ike is building in the Atlantic. Whether they'll hit land in the Gulf or the eastern seaboard of the US it's too early to predict.

Light, sweet crude for October delivery fell 36 cents to settle at $109.35 a barrel on the New York Mercantile Exchange, after earlier dipping as low as $107.22.

On Tuesday, the US said it was releasing 250,000 barrels from its emergency supplies in an attempt to ease market concerns and provide liquidity to the market.

The release of the oil was to prevent any shortage and to help calm the market. If Gustav had seriously effected Gulf oil production.

Another factor helping push down the price of crude was a gain in the value of the US dollar, which rose to an 11-month high against a basket of major currencies on Wednesday.

The weakness of the dollar has been a main driver of high oil prices as investors looked to offset a drop in the US currency by buying other assets such as crude.

The rising dollar encourages investors, who bought oil as a hedge against inflation, to now sell their contracts. The euro fell to $1.4493 from $1.4518 late Tuesday in New York.

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World-News -
Pakistani official agencies "must have had" a hand in the deadly Mumbai siege.
India's prime minister Manmohan Singh said, stopping just short of directly accusing Islamabad of aiding the gunmen.

The premier also accused Islamabad of using terrorism as an "instrument of state policy" and said Pakistan had in the past also "encouraged and given sanctuary" to militants hostile to India.

"There is enough evidence to show that given the sophistication and military precision of the Mumbai attacks, it must have had the support of some official agencies in Pakistan," Singh told a conference in New Delhi.

Singh said the November 26-29 attacks were "clearly carried out" by the banned Pakistan-based militant group Lashkar-e-Taiba (LeT).

"Unfortunately, we cannot choose our neighbours, and some countries like Pakistan have in the past encouraged and given sanctuary to terrorists and other forces who are antagonistic to India."



... more
World-News -

An Australian woman of Indian descent has appeared in court in Adelaide charged with murdering her husband by setting fire to his genitals.

Rajini Narayan, 44, is alleged to have doused her husband, Satish, with a flammable liquid while he was sleeping. She then set him alight.
Mr Narayan leapt out of bed and accidentally knocked over the liquid, causing the fire to spread.

Mrs Narayan told the court she had not intended to kill her husband but to punish him for his alleged infidelity.

Prosecutor Lucy Boord said Mrs Narayan had confessed to her neighbours, telling them she was a "jealous wife" and believed her husband was having an affair.

"I just wanted to burn his penis so it belongs to me and no one else, I didn't mean this to happen," Ms Boord quoted Mrs Narayan as saying.

The fire, on 8 December 2008, caused damage to the couple's house estimated at 1m Australian dollars ($715,000, £490,000).

Mrs Narayan is beening held in police custody pending the results of a psychological assessment.

Don´t suppose we´ll get a video of this story ...  but if we do you'll see it on this website!
Apologies for the heading, we just couldn't resist.
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World-News -
Palestinians from the north of Gaza say their homes have been destroyed and their male children held prisoner and stripped naked by Israeli soldiers.

... more
World-News -
President-elect Barack Obama rejoined his family in Washington on Sunday evening after bidding a poignant farewell to his Chicago home.

... more
World-News -
Arab nations are demanding that the United Nations Security Council call for an immediate cease-fire following Israel's launch of a ground offensive in Gaza.

... more

 

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