Start trading forex from zero we give you 5 usd as start


Oil holds onto gains amid lingering worries over ExxonMobil-Venezuela spat

Monday, February 18, 2008

LONDON (Thomson Financial) - Oil held onto earlier gains as fears over the US economic slowdown were overshadowed by lingering worries the standoff between ExxonMobil and Venezuela could worsen, further disrupting US supply.

"At the moment, various short term supply fears are still overwhelming economic worries," said Sucden analyst Andrey Kryuchenkov. He added, however, that economic worries could yet take centre stage again.

"Any more negative economic news or disappointing data could quickly turn market participants' attention back to economic fears, while future gains in crude prices would be capped in this case," he said.

Oil prices were on a downtrend for much of January amid fears a US economic slowdown will crimp demand for crude, especially if it spills over into the broader economy.

They have recovered sharply over the past week, however, partly because markets have taken the view that the view the ExxonMobil-Venenzuela spat still poses a serious risk to US supplies.

At 4.40 pm, New York's WTI crude for March delivery was up 50 cents at 96.00 usd a barrel, in quiet trade with US players away for the Presidents Day holiday.

In London, Brent crude for April delivery was up 28 cents at 94.91 usd per barrel.

Venezuela President Hugo Chavez said on Sunday his country could sue ExxonMobil for unpaid taxes. He also said he would cut off all US oil exports if Washington "attacks Venezuela or tries to harm us".

US oil giant ExxonMobil is currently in arbitration with Venezuelan state oil company PDVSA over the nationalisation of assets in which it had an interest.

Its successful bid to freeze assets held by PDVSA in the European courts last week led Chavez to threaten to cut off oil supplies to the US.

Chavez has since settled for cutting oil exports only to ExxonMobil. The reduction to date is not significant, as Middle East producers have assured the US they can make up for the Venezuelan short-fall.

All the same, oil market players remain concerned the reduction could become significant if the dispute intensifies. Venezuela is the fourth-largest supplier of crude to the US.

Elsewhere, speculation oil cartel OPEC could cut output quotas at its upcoming March meeting -- after Iranian oil minister Gholamhossein Nozari mooted the possibility over the weekend -- was also lending some support to the market.

Speaking to reporters in Tehran, Nozari said "in the normal course of events" a production cut in March would be expected, although he reiterated the cartel would closely review the market before making a decision.

Both Iran and Venezuela have previously called for a reduction in output to protect prices. Although oil remains near its all-time high above 100 usd a barrel, the sliding value of the US dollar has cut oil vendors' spending power overseas, they say.

However, with the US facing a recession, which could potentially affect wider global growth, the cartel is unlikely to pile on further economic pressure by pushing oil prices higher still, analysts said.

The US will pressure its OPEC allies -- most notably Saudi Arabia, the organisation's biggest producer and de facto leader -- not to cut production, which is also likely to have some influence on the final decision.

Posted by MOHAMED SAID at 10:09 AM  


nice blog, hope to see more new update soon

erickia said...
March 8, 2008 at 6:28 PM  

Do you still use free service like or but
they have less control and less features.
shift to next generation blog service which provide free websites for
your blog at free of cost.
get fully controllable ( more features like
forums,wiki,CMS and email services for your blog and many more free
hundreds reported 300% increase in the blog traffic and revenue
join next generation blogging services at

shruthi said...
April 12, 2008 at 3:46 AM  

you find all information about foreign exchange market (Forex Trading, Forex Broker, Forex
Software and more) in the blog:

Anonymous said...
December 9, 2008 at 5:02 AM  

Thank you very much for a great blog!
I am a blogger too and I have tried several affiliate programs to make some money from blogging, such as Forex Yard, E-toro, and Earn Forex.

By far the best program I came across so far is a Cashback program where you get a discount on all your trades. I use it myself and last month I got $270 in cashback from trading two Alpari Uk accounts with a deposit of about $5000 in total. Spreads remain the same so it is essentially “free money” if you are already trading.

This is the best thing: for every person you recruit to this program you receive 10% of their cashback discount on their trading forever! Two months ago I got $700 from people that has joined the program through me and last month I got $900, and this is just from about 30-50 accounts.

For more information check:

Maybe this could be something for you to promote on the blog or even write about in your next newsletter to your subscribers.

Many of the well known brokers are connected to the program such as:

Alpari UK
Alpari US
Tadawul FX

Good luck!

Best Regards,


Mike said...
October 13, 2009 at 1:43 AM  

Hi, I came across your site and wasn’t able to get an email address to contact you. Would you please consider adding a link to my website on your page. Please email me back.



Harry said...
January 30, 2012 at 4:17 AM  
Amarjeet said...
June 23, 2012 at 9:39 PM  

i know what you mean! i'm still getting creepy flashbacks.

à putas valencia
ganar dinero

Ricky Smith said...
June 24, 2012 at 2:27 AM  

Nice blog, discussing about the oil's value in financial market. Also post some free Forex trading signals, so as to trade fx market.

Sofiya Lim said...
December 16, 2014 at 2:23 AM  

According to comex live market watch, Crude oil prices plunged more than 3% in Asia on Thursday as investors took a dim view of U.S. industry stockpiles data in holiday- thinned trade.

apeksha sharma said...
February 18, 2015 at 11:28 PM  

Post a Comment

My site was nominated for Best Business Blog! TopOfBlogs

Free Blog Counter

blog directory Business Top Finance blogs