Word: crudely
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...economic concern for the summer is oil prices. OPEC has not been clear about what it will do with supply. The Saudi's have spoken out for keeping it unchanged and because of the size of their output they usually rule the day. Speculators still seem prepared to trade crude above $60 on most days. A fair number of analysts see oil moving to $70 or $75 by Labor Day. The cost of a barrel of crude will move up if there is strong evidence that the demand in China is growing. Ironically if there are signs of a sharply...
China Petroleum (PTR) is buying 45.5% of Singapore Petroleum for just over $1 billion and will probably move to purchase the balance of the company. China recently proposed a deal to lend $10 billion to Brazilian oil giant Petrobras to help it develop deep sea crude deposits. In exchange, the world's most populous nation has negotiated getting a steady flow of oil from Brazil at market prices...
...Iraq Saying No to Kurdish Oil The Kurdistan Regional Government in northern Iraq says it will start exporting crude oil for the first time on June 1, despite a statement by the Iraq Oil Ministry calling the plan illegal. The Kurds, who control some of the country's largest reserves, claim that the Iraqi constitution allows them to broker deals with foreign companies; the ministry maintains that it controls all oil contracts and that any firm that signs without its approval will be blacklisted...
...half its value since mid-2008. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production as oil sped toward $150 a barrel; today, OPEC is twisting off the spigot in an attempt to support crude prices around $50. Some experts believe prices may stay depressed for years to come, due to greater energy efficiency, technological improvements in oil production and greater availability of alternative fuels like biofuels...
...food as their economies get bigger and their citizens richer. Palm-oil prices, for example, have been rising of late partly because demand from India, with its population of 1 billion, is holding up. In March, China imported a record amount of iron ore and coal, while imports of crude oil hit a 12-month high. The binge is being fueled in part by optimism that Beijing's $586 billion stimulus program will drive a turnaround in the sagging economy. "After a brief pause, China's appetite for natural resources has returned to buoyant levels," Jing Ulrich, chairman of China...