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OIL PRICES MORE TO BLAME FOR GLOBAL SLOWDOWN THAN SUB-PRIME MESS

Article from: The Hindustan Times Article date: November 04, 2008

Gurmukh Singh

Report from Indo-Asian News Service brought to you by HT Syndication.

Toronto, Nov. 04 -- (IANS) The 500 percent hike in oil prices since 2002, which resulted in massive money transfer to oil-producing nations, is much more to blame for the looming global recession than the US sub-prime mortgage crisis, says a banking report here.The report "Just how big is Cleveland?" by Canadian Imperial Bank of Commerce (CIBC) Monday warned that falling property prices in US inner-cities like Cleveland could create a recession in Japan and Europe even much before the US."Four of the last five ...

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Oil Sinks Below $70 as Economy Tanks

Posted Oct 17, 08 2:20 AM CDT in World,  Business 

Oil Sinks Below $70 as Economy Tanks
Source: AP Photo/Jim Mone

(Newser) – Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that budgeted for $100-plus oil find themselves with extra cash.

If oil stabilizes at around $80, as many expect, "that will amount to essentially a $275 billion stimulus package to the US economy," one analyst observed. OPEC has called an emergency meeting to discuss cutting production. In the financial world, the need for cash is forcing traders to frantically unload oil futures—which some had thought would be edging close to $200 by now.

More about:  Financial Crisis • recession • US economy • oil price • oil • global economy • crude oil prices

MORE RELATED NEWSER STORIES

 Oil Sinks to $83 on Global Panic 


Associated Press Associated Press Oct 10, 08 7:44 AM CDT
(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear." More »

More about:  Financial Crisis • recession • oil • oil prices • OPEC • global economy • commodities • crude oil prices • New York Mercantile Exchange • commodities exchange

UPDATED

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

Wall Street Journal Wall Street Journal Mar 5, 08 3:57 PM CST
(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices on “tremendous speculation,” the Wall Street Journal reports. Oil futures were up $5 on the day. More »

More about:  recession • US economy • oil price • oil • Saudi Arabia • OPEC • oil supply • supply and demand • commodities exchange

Paulson: Downturn
Won't Provoke Recession

Economy tough enough to take market turmoil

Wall Street Journal Wall Street Journal Aug 16, 07 10:51 AM CDT
(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—the strongest he's seen in his 32-year Wall Street career, he says—and that should insure continuing, if slowed, growth. More »

More about:  Financial Crisis • recession • US economy • Henry Paulson • finance • markets • global economy


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