NYMEX crude oil prices rise to $68 on brighter economic outlook

Crude oil prices rose Friday [24 Jul 2009], powered by optimism that the recession-stricken US economy is on the mend after a series of positive corporate earnings reports. NYMEX crude oil for Sep 2009 delivery, climbed 89 cents to close at $68.05 dollars a barrel. In London, Brent North Sea crude for Sep 2009 delivery increased 1.07 dollars to settle at $70.32. The rise in prices "was sharply buoyed by positive economic sentiment," and the upward trend is expected to persist, said Amrita Sen of Barclays Capital. Crude oil prices have gained nearly 10 dollars in New York over the past two weeks.

- And it's not just the green shoots or supposedly improving economic outlook. The live oil prices are affected by multiple simultaneous factors. While the economy obviously figures hugely, currency plays a part as well. In the past few sessions, the EUR/USD forex rate has been going up and this has conversely led to a drop in the USDX, falling as it is to around the 78 level, which is the next support level to watch. In terms of crude oil, the next resistance level is in the $75 area, which is the next resistance level to watch if it does decisively break above $70.

Daimler working on Mercedes-Benz SLS AMG electric sports car

greencarcongress.com :

Mercedes-AMG, the performance brand of Mercedes-Benz, is developing an electric version of its upcoming SLS AMG sports car. The electric SLS AMG uses 4 electric motors with a combined peak output of 392 kW (526 hp) and torque of 880 Nm (649 lb-ft). The SLS AMG electric sports car accelerates from 0 to 100 km/h in around 4 seconds - on par with the conventional SLS AMG with a 6.3-liter V8 engine developing 420 kW (571 hp). The conventional SLS AMG is scheduled to be launched in spring 2010.

The 4 electric motors are positioned near the wheels with one transmission per axle, reducing the unsprung weight compared to wheel-hub motors. The electric SLS AMG incorporates a liquid-cooled, 400V 48 kWh lithium-ion battery pack with modules located in front of the firewall, center tunnel, and behind the seats, for a low center of gravity and balanced weight distribution. Deutsche Accumotive, a joint venture between Daimler and Evonik Industries, will provide the battery technology. In May, Daimler took a 10% equity stake in electric car maker Tesla Motors, and subsequently sold 40% of that to its new major shareholder Aabar Investments PJSC (Aabar) of Abu Dhabi.

- Quite a turnaround for Daimler/Mercedes-Benz to go from insisting on pushing diesel cars like every other European car-maker to launching hybrid models and now moving on to electric cars. This is a step in the right direction and the electric SLS AMG follows the path blazed by the Tesla Roadster and the Tesla Model S. Mercedes-Benz has always been a higher-end, luxury car-maker but with this AMG offering it looks like they are aiming even higher. In time the innovation and technology should trickle down to the rest of the range and benefit more users.

(2009-07-26 10:36:55 SGT) [Energy] Permalink

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