{"id":428504,"date":"2011-05-23T09:44:01","date_gmt":"2011-05-23T09:44:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/23\/oil-prices-drop-by-2\/"},"modified":"2011-05-23T09:44:01","modified_gmt":"2011-05-23T09:44:01","slug":"oil-prices-drop-by-2","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/23\/oil-prices-drop-by-2\/","title":{"rendered":"Oil prices drop by $2"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Oil prices drop by $2<\/p>\n

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Page last updated at Monday, May 23, 2011 9:09 AM \/\/ <\/span><\/div>\n

\"\"<\/a>Crude slipped by $2 on Monday as a ratings downgrade for Greece gave fresh impetus to the euro zone debt crisis, lifting the dollar to a seven-week high against a basket of currencies.<\/p>\n

Fitch cut Greece\u2019s debt rating by three notches on Friday, pushing the country deeper into junk and sending investors out of the euro and equities and into gold.<\/p>\n

\u201cThe dollar is the key factor driving prices now,\u201d said Serene Lim, commodities analyst with ANZ Bank in Singapore. \u201cWe saw the euro continue to slip after Greece\u2019s debt rating was cut last Friday and that\u2019s been negative for oil.\u201d<\/p>\n

The dollar index rose by almost 1 percent, making dollar-denominated crude more expensive for consumers using other currencies.<\/p>\n

U.S. crude futures for July fell $2.26 to $97.84 by 3:24 a.m. EDT, while Brent crude for July was down $2.39 to $110.00 a barrel.<\/p>\n

Standard & Poor\u2019s cut its outlook for Italy to \u201cnegative\u201d from \u201cstable\u201d on Saturday, which with the Fitch downgrade showed that the continent\u2019s problems were escalating rapidly.<\/p>\n

Oil prices were also hit by expectations of lower demand from Europe as a volcanic eruption threatens air travel disruption.<\/p>\n

Ash from a massive plume of smoke from an eruption of Iceland\u2019s most active volcano could spread south to parts of Europe next week, but experts on Sunday still hoped the impact on air travel would be limited.<\/p>\n

Brent is expected to rise toward $118 per barrel, while U.S. crude remains neutral within a range of $95.26-$100.99 per barrel, but is biased to rise to $104.60, says Reuters market analyst Wang Tao.<\/p>\n

DEMAND STILL STRONG<\/p>\n

Strong demand from China is expected to support oil prices in the longer term, analysts said.<\/p>\n

China is bracing for its worst power shortage since 2004, which has led to it clamping down on diesel shipments.<\/p>\n

\u201cWith the oil market already in deficit, incrementally higher Chinese demand over the summer could create an extra layer of strength,\u201d said Barclay Capital in a research note.<\/p>\n

Persistent tensions in the Middle East and worries about the possibility of further supply disruptions continue to keep a floor under oil prices, analysts said.<\/p>\n

Tunisian Foreign Minister Mold Kefir said on Monday he believed Libyan Oil Minister Shoer Ghana was no longer working for the Gaddafi regime, contradicting earlier claims by the government in Tripoli that he was on an official trip to Tunisia, Europe and Egypt.<\/p>\n

Yemeni President Ali Abdullah Sale refused to sign an agreement on Sunday to step down, the third time such a deal has fallen through at the last minute, despite pressure from Gulf Arab and Western mediators.<\/p>\n

Uncertainty over pan-Arab protests and Libya\u2019s conflict pushed Brent to a 32-month peak last month, before a sharp correction in early May resulted in prices registering their largest ever weekly decline of more than $16 a barrel.<\/p>\n

But an expected increase in output from Iraq later this year could help mitigate any loss in supply due to the geopolitical tensions.<\/p>\n

Iraq expects output from its southern oil-fields to hit up to 2.5 million barrels per day at the end of this year from around 1.92 million bud now, the head of South Oil Co. (SOC) told Reuters on Saturday.<\/p>\n

Source: Reuters<\/p>\n

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\nCourt jails wax print thief\n\n     Akim Oda (E\/R), May 22, GNA \u2013 The Akim Oda Magistrate Court has\nsentenced Emmanuel Agyekum to 36 months imprisonment in hard labour for\ncausing damage and stealing 32 pieces of assorted wax prints.\n     The items were the property of Madam Faustina Adu-Gyamfi, a seamstress.\n     The accused, 21, pleaded guilty to two counts of causing damage and\nstealing and was sentenced to 18 months prison term, to run consecutively.\n     One Kwabena, an accomplice is on the run.\n     Michael Gye-Nyame, 21, a farmer who purchased the wax prints pleaded\nguilty to dishonestly receiving and the court presided over by Mr Albert\nOwusu Annor imposed a fine of GH\u00a2200 on him.\n     Gye-Nyame was also ordered by the court to pay additional GH\u00a2100 as\ncompensation to Madam Adu-Gyamfi, or in default serve 18 months jail term.\n     Prosecuting, Police Chief Inspector Kwadwo Ahenkorah told the court\nthat the complainant Madam Adu-Gyamfi lives at Akim Oda, while the convicts\nreside at Akim Oda Old Town.\n     At about 0730 hours on February 21, this year the complainant detected\nthe theft of her 32 pieces of assorted wax prints from her shop and\ntherefore, reported the matter to the Akim Oda Police.\n     He said during investigation, a witness in the case informed the police\nthat he strongly suspected Agyekum and one Kwabena, who was serving a prison\nterm at the Nsawam Medium Security Prisons.\n     Chief Inspector Ahenkorah stated that six of the wax prints were\nretrieved from Agyekum\u2019s room during a search by the police which Madam\nAdu-Gyamfi identified as part of her stolen wax prints.\n     He said on February 24 Agyekum was arrested from his hideout and\nmentioned Kwabena as his accomplice and also led the police to arrest\nGye-Nyame who bought seven of the wax prints for GH\u00a290 and at the time of\nhis arrest, he had sown two sets out of the prints.\nGNA\n<\/pre>\n<\/div>\n\n
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 You Are Here: Home \u00bb Africa\/International \u00bb Oil prices drop by $2 Page last updated at Monday, May 23, 2011 9:09 AM \/\/ Crude slipped by $2 on Monday as a ratings downgrade for Greece gave fresh impetus to the euro zone debt crisis, lifting the dollar to a seven-week high against a basket of currencies. Fitch cut Greece\u2019s debt rating by three notches on Friday, pushing the country deeper into junk and sending investors out of the euro and equities and into gold. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-428504","post","type-post","status-publish","format-standard"],"yoast_head":"\nOil prices drop by $2 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/23\/oil-prices-drop-by-2\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oil prices drop by $2 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International \u00bb Oil prices drop by $2 Page last updated at Monday, May 23, 2011 9:09 AM \/\/ Crude slipped by $2 on Monday as a ratings downgrade for Greece gave fresh impetus to the euro zone debt crisis, lifting the dollar to a seven-week high against a basket of currencies. 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