Petroleum prices continued their fall in New York yesterday in a market made restless by economic deceleration, mainly in the United States.
In the New York Mercantile Exchange (Nymex), a barrel of West Texas Intermediate (designation of the light sweet crude traded in the United States) for delivery in August lost $5.31 in relation to its closing on Wednesday, ending at 129.29 per barrel. Crude oil had gone up above $130 per barrel for the first time on May 21.
In London, a Barrel of Brent for delivery in September (first day that contracts could be quoted) lost $5.12 and sold at $131.07. In three days, crude oil has fallen $15.89 in New York and $12.85 in the London market.
There are growing rumors that the fall in demand in the United States may extend to Europe and even to emerging countries, motor of the global demand.
In other news, the Costa Rican money exchange market was fairly quiet yesterday. The dollar went relatively unchanged. The average price of the dollar in the wholesale market was 554.62 colones, or a change of .03 centimos from the day before.
In Brussels, Costa Rica rejected a proposal by the European Union to export coffee and cocoa processed in Europe back to Central America. Costa Rica argued that European countries could potentially purchase coffee in Africa or Vietnam, toast it, mill it and send it to Costa Rica at prices that would affect the more than 56 thousand coffee producers registered by the Costa Rican Coffee Institute (ICAFE by its initials in Spanish.)
Tags: business, economy, TicosLand Costa Rica
July 18, 2008 at 9:10 pm
The reason oil prices dropped $15 in three days is the word is getting out on the Bakken Field discovery of drillable oil in North Dakota. Enough pure sweet crude to supply all of U.S. demand for 41 years with no imports. Goodbye to the guys with the tea towels on their heads.
Ted Adams
July 18, 2008 at 9:18 pm
Say to those of you that want to cut your fuel costs by 10% to 25% go to : http://www.tted.neverpayforfuel.com/ While doing that the product also reduces pollution from your tailpipe by 90%. Tell me why aren’t all of us doing this? Since I put it in my 2003 Buick Le Sabre i’ve increase my mileage by 28%. I have friend with a 96 Ranger SUV who has been using the stuff for nine years and he has averaged 31% increase. With numbers like this there should be a run on the bank, in a manner of speaking.
Ted Adams