The price of Crude oil look more likely to stay at current level, despite OPEC move to cut up by more than 1.5 million barrel per day. The pressure from impending global recession compel the price to remain lower and demand plummet lower.
Some analyst are predicting the oil price to go lower than USD50 per barrel, but to me it is to early to say as the northern hemisphere are going into winter. Demand may increase in November, December and January from North America, Europe and northern part of Asia.
The sudden increase yesterday was influenced by the cut in interest rates in US, the strengthening of USD and the stock market reaction - buying on interest rate cut.
The world is facing a recession, will Malaysia be affected. Indirectly yes, directly may or may not, short term; ok, long term; export base industry are very risky.
Anyway, for Malaysian we are awaiting eagerly for the fourth cut in retail petrol and diesel prices by midnight. Another 15 sen?
If the government set the price for petrol at RM2.15/litre, that mean Malaysian are no longer subsidized.
Some analyst are predicting the oil price to go lower than USD50 per barrel, but to me it is to early to say as the northern hemisphere are going into winter. Demand may increase in November, December and January from North America, Europe and northern part of Asia.
The sudden increase yesterday was influenced by the cut in interest rates in US, the strengthening of USD and the stock market reaction - buying on interest rate cut.
The world is facing a recession, will Malaysia be affected. Indirectly yes, directly may or may not, short term; ok, long term; export base industry are very risky.
Anyway, for Malaysian we are awaiting eagerly for the fourth cut in retail petrol and diesel prices by midnight. Another 15 sen?
If the government set the price for petrol at RM2.15/litre, that mean Malaysian are no longer subsidized.
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