Crude oil rises on winter demand, OPEC output risk

Crude oil rose for a second day in New York, from a six-month low, on speculation fourth-quarter supplies may be tight as OPEC weighs output cuts and heating demand rises. Oil rebounded after failing to close below $60 a barrel. Crude oil for November rose 0.7% to $62.02 a barrel.

There is a 50 percent chance OPEC will cut production, Fat Prophets' Wendt said. Even if they don't, the risk they may will support prices, he said. "We're expecting prices to head back toward $70 a barrel again based on a cut in supply and also the northern hemisphere winter."

Oil reached a record $78.40 a barrel on July 14. Prices have fallen the past two months as U.S. fuel stockpiles rose and a United Nations deadline for Iran to stop its nuclear research passed without sanctions being imposed.

Comments:

Interestingly, Singapore does have a "National climate change strategy", available at http://www.mewr.gov.sg/nccs/index.htm

Was wondering whether you'd find this credible?

Posted by Akikonomu on September 23, 2006 at 02:45 PM SGT #

Yes, I've already blogged it here. As for credibility - Singapore joining the Kyoto Protocol was a watershed event.

I am observing with interest this green movement going on with gov.sg - we'll see how this turns out. One may call gov.sg many things, but we probably wouldn't call them stupid or impractical.

One thing you can count on, is that the system will seek to preserve itself. LKY has even mentioned that his aim is not necessarily to preserve the PAP - quote : "My ambition is not to preserve the PAP. My ambition, having created this Singapore, is to preserve the system that produces the answers that we must have as a society to survive."

That's radical stuff. I think. That's long-term thinking. I know that LKY is aware of the Limits to Growth. If he knows, so should LHL. My suspicion is that the establishment knows but is not necessarily telling all of us, all of it, all at once. But there has been this subtle acceleration recently ...

I think it's a bit like the Fed dilemma. Move too quickly, and risk a panic and a rush for the exits. Move too slow, and risk slamming into the limits at full speed - *blam*.

Yeah, I've gone through the site. One can almost see the fine line they are balancing on. It's interesting.

Posted by lowem on September 24, 2006 at 01:30 AM SGT #