Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

REPORTERS

Halal tourism on the rise

Read more

FOCUS

Many Turks angry over Syrian refugee situation

Read more

ENCORE!

Shakespeare’s 450th Birthday : The Best of the Bard

Read more

BUSINESS DAILY

The Tour de France, a PR machine

Read more

IN THE PAPERS

Coverage of the third plane crash in one week - from France, Algeria and Burkina Faso

Read more

IN THE PAPERS

Coverage of the plane crash that took 116 lives - almost half of them French

Read more

  • Live: ‘No survivors’ from Algerian plane crash, says Hollande

    Read more

  • Paris bans new Gaza protest scheduled for Saturday

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Tour de France fans bring the ambience to the Pyrenees

    Read more

  • Halal tourism on the rise

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Wreckage of Algeria plane found in Mali

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

  • Italy’s Nibali cruises to victory in 18th stage of Tour de France

    Read more

Gordon Brown' weighs in on petrol crisis

Latest update : 2008-06-01

Like the rest of Europe, Britain is enduring the fallout from soaring fuel prices. PM Gordon Brown has encouraged producers to increase production while trying to maintain a green tax, inciting protests. (Story: P. Hall)

World oil prices retreated but stayed above 130 dollars in Asian trade on Thursday amid growing jitters about falling US gasoline consumption spooked by skyrocketing pump prices, dealers said.
  
New York's main oil futures contract, light sweet crude for July delivery, fell 44 cents to 130.59 dollars per barrel.
  
The benchmark contract shot up 2.18 dollars to close at 131.03 dollars on Wednesday at the New York Mercantile Exchange.
  
London's Brent North Sea crude for July delivery slid 80 cents to 130.13 dollars a barrel, after settling at 130.93 dollars on Thursday. The contract had rallied 2.62 dollars at the close.
  
Values struck records above 135 dollars late last week.
  
Tony Nunan, of Mitsubishi Corp's international petroleum business in Tokyo, said the retreat was due to "regular volatility", sparked by news of lower gasoline demand in the US, the world's largest oil-consuming nation.
  
"Oil prices are getting to levels where they are starting to affect demand negatively," he said.
  
Traders were looking ahead to the weekly report on US energy stockpiles due later Thursday, after a public holiday in the United States on Monday.
  
British Prime Minister Gordon Brown on Wednesday warned that the world was facing a "great oil shock" that requires a comprehensive international strategy to address.
  
The British leader's warning came a day after French President Nicolas Sarkozy urged a Europe-wide cut in consumer taxes on fuel as fears of rising energy costs spark unease around the world.
  
The price of oil on international markets has surged by about a third since the start of 2008 and compares with 50 dollars per barrel 18 months ago.
  
A top economic adviser to US President George W. Bush warned that rising oil prices could further crimp economic growth in the US.
  
"I think the high price of oil has already cost us a significant amount in terms of economic growth," said Edward Lazear, chairman of the Council of Economic Advisers.
  
Lazear said red-hot oil prices would continue to dent economic growth unless something is done about the runaway values.
  
Analysts said increased speculative trading in the oil markets has been driven by tight global supplies and a weaker dollar, which makes commodities priced in the US currency cheaper for buyers armed with stronger currencies.
  
Surging oil prices have also been underpinned by growing demand in China and other emerging economies, as well as unrest in crude-producing countries, particularly Nigeria, and OPEC's reluctance to hike output, analysts said.
  
The Organisation of the Petroleum Exporting Countries (OPEC), which pumps 40 percent of the world's oil, has proven reluctant to bend to US-led demands for it to pump more crude to help cool prices.
  

Date created : 2008-05-29

COMMENT(S)