Palman’s Plan Raised Oil Price

Palman’s Plan Raised Oil Price

3 октября 2008, 13:11
Общество
Though, voting in Senate has not had a positive impact on markets

VLADIVOSTOK. 3 October. VOSTOK-MEDIA. Oil price rose $1 per barrel after Senate had voted for $700 billion assistance plan.
Palman’s plan to assist Wall Street will go through a voting procedure in the House of Representatives. It raised hopes among millions it could limit a financial crisis in the USA. Though, analysts and traders believe its influence will not be overall as aimed at lowering demand.
Oil futures in November raised $0.57 up to $99.10 per barrel. On Wednesday oil price fell $2,11 down to $98.53 per barrel after the U.S. oil reserves were reported to have risen up over prognosis.
Brent oil raised also up to $95.85 per barrel.
“We need to stabilize markets and then oil prices will gain some support. But if demand lowering there are no hopes. I think, for now we have to stay on this level; all will depend on demand in winter and economy in general”, - said Tony Hunnan, Mitsubishi Corporation.
Oil price lost several points off $147 per barrel because of recession in the developed countries. Moreover, investors transfer money into more secure areas at the background of a financial crisis.
Oil supplies in the U.S. last week increased 4.3 barrels due to mining industry in the Mexican Bay recovering after destruction caused by hurricanes. Petrol supply increased 900.000 barrels.
By this moment pro-voting in Senate could not positively influence the world markets. Fund markets in Asia and U.S. dollar rose but then fell again because secure stocks such as the U.S. obligations went up despite the plan.

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