Singapore petrol prices lowered by 4 cents after NYMEX crude oil drops below $120

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com, petrolwatch.com.sg :

Singapore petrol pump prices saw another adjustment as the price of crude oil dropped further below US$120 a barrel. Diesel is now down by 6 cents a litre to $1.803, while petrol costs 4 cents less for all grades, compared to the cut of 10 cents on 28 Jul 2008. RON92 petrol is now $1.963 per litre, RON95 is $1.996, and RON98 is $2.070. In New York, crude oil prices on NYMEX have slumped almost 20% since hitting a record high of US$147.27 on 11 Jul.

- We've got 6-7 petrol price cuts in a row now. If nothing else, this should disprove the theory that petrol pump prices are fast to rise and slow to drop. $2 per litre looks like some kind of support level that has been broken, as does $120 crude oil.

With the Big Beijing Olympics Shutdown in progress, taking over 1.5 million out of 3.3 million cars off the roads and over 100 factories closed for this period, it would not be too surprising if crude oil were to float down to the subsequent support levels of $110 or perhaps even $100. On the forex side, the US Dollar Index [USDX] level of 74 is the key resistance level to watch, for now.

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