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knn... oil price drop until like that.... why didnt I see petrol price drop also?? $87 is like 2006 oil price level??? At that time, how much is the petrol?? follow the link here: http://www.csmonitor.com/Business/Latest-N...onomic-warnings

Anybody can show this to Cowtecx so that they may kindly take the lead??

from what i can see, petrol prices going to increase again. the increase could be before CNY

Hi everyone, This is a video from a japanese show demonstrating amazing barrel throws with almost certain precision given the size of those barrels. http://www.youtube.com/watch?v=40qafH1bGTo Has anyone tried anything similar? Regards

Source: http://sg.news.yahoo.com/afp/20081218/tts-...op-c1b2fc3.html

Received a news: Crude oil has fallen to US$53 a barrel. Dunno how our pump price will be..

November 30, 2008 -- Updated 0146 GMT (0946 HKT) http://edition.cnn.com/2008/BUSINESS/11/29...c.ap/index.html Looks like oil price will rise afterall. Read: CAIRO, Egypt (AP) -- Saudi Arabia said Saturday that it hoped to raise oil prices to $75 a barrel, but indicated that no measures would probably be taken until an OPEC meeting next month in Algeria. OPEC countries will have to cut oil production by 3 million barrels a day to hike price to $75, group says. OPEC countries will have to cut oil production by 3 million barrels a day to hike price to $75, group says. Saudi Oil Minister Ali Naimi said that OPEC will "do what needs to be done" to shore up falling oil prices when the cartel meets next month in Algeria, even as his king told a Kuwaiti newspaper that $75 a barrel was a fair price for oil Naimi did not entirely rule out the chance that the Organization of Petroleum Exporting Countries would slash output at the hastily convened meeting Saturday, but he did say the bloc needed to wait until the meeting in Oran, Algeria on Dec. 17 to assess the impact of two previous rounds of cuts. His comments came after Saudi King Abdullah told the Kuwaiti daily Al-Seyassah that oil should be priced at $75 a barrel, far above its current rate. "We believe the fair price for oil is $75 a barrel," he said, without elaborating on how this would be achieved. Whereas crude stood at about $147 a barrel in mid-July, it now hovers about $90 lower. On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel. The king was echoed by Qatar's Oil Minister Abdullah Bin Hamad al-Attiya, who told the Arab news channel Al-Arabiya just before the opening of the meeting of the Organization of Arab Petroleum Exporting Countries Saturday that prices needed to rise to guarantee investment into the oil sector. "The price between 70 to 80 (dollars a barrel) is the one encouraging in investment and developing new or current oil fields. It falls below 70, the investment would freeze, which will lead to a crisis in supply in the future." The representatives of the OPEC face their third test in as many months to engineer a rebound in prices hammered by plummeting crude demand amid a global economic meltdown. The cartel has already held one emergency meeting -- on Oct. 24 in Vienna -- to try to halt the slide in prices with an announcement of a 1.5 million barrel per day drop. It failed to support prices, and the cartel hastily convened the Cairo gathering on Saturday on the sidelines of the OAPEC meeting. Don't Miss * Iraq increases oil exports by 3.5M barrels Kuwait's oil minister Mohammed al-Aleem said Friday he believes there was "no need" for OPEC to take a decision in Cairo on cutting output. But he warned the market is oversupplied, and didn't rule out the need for OPEC to cut production further. "We believe a decision could be taken ... but I think it will happen in Algeria," he said. Al-Aleem said current prices could undercut investment in future projects and were not good for either producers or consumers. The recent price drop has left price hawks Venezuela and Iran clamoring for further reductions of at least 1 million barrels a day. Both countries need crude of about $90 per barrel to meet current spending needs aimed in part at propping up domestically unpopular regimes. Other OPEC members, such as Nigeria and Ecuador, face budget problems too, making them reluctant to implement more cuts that might shrink revenues further. Unlike many of their fellow members, the Saudis are better positioned to cope with the drop in prices. The International Monetary Fund estimates Riyadh needs crude in the range of about $50 per barrel for 2008 fiscal accounts to break even. Also unclear, after two earlier cuts failed to push prices higher, is what the group can do without prolonging the global economic downturn. OPEC itself, along with the International Energy Agency, has significantly revised down its projections for demand growth in 2009. Meanwhile, global crude inventories are growing, as evidenced by a U.S. government report showing a surprisingly large 7 million barrel build in stocks last week in the world's largest energy consumer. OPEC's last round of cuts would put its total production at about 30.5 million barrels per day, according to the IEA. That is about 500,000 barrels per day higher than the forecast call on OPEC crude in much of 2009. advertisement Those factors argue against restraint if some in OPEC want crude back up to at least $70. A Nov. 24 research report by the New York-based Oppenheimer & Co. in New York said that for oil to rebound to $65 a barrel, OPEC would need to cut crude production by more than 3 million barrels per day from its September levels -- a move it called highly unlikely.

Pump price may be heading down south very soon..but then, economic outlook sibei jialat..might not be that good after all..

Don't turn elections into auctions S'pore not immune to populist calls to spend more, says PM Lee, on need to protect reserves By Jeremy Au Yong WHEN politicians bid to outdo one another with more and more goodies for voters, expect trouble in paradise. That was the message from Prime Minister Lee Hsien Loong yesterday when he cited Norway and Australia to make a case for protecting Singapore's reserves. In both countries, he said, the populist call for government handouts had coloured local politics. In Australia, the war between its two main political parties prompted newspapers to introduce a 'pork-o-meter' to track the race to offer voters more and more goodies during the last election. In Norway, the clamour was for more money to be taken from a reserve fund meant for the future. Newsweek magazine, in describing the situation, headlined it Trouble In Paradise. Yesterday, PM Lee gave an extensive account of what went on in both countries when he spoke during the debate to amend the Constitution to allow the Government to tap more of the returns from investing the country's reserves. In Norway, the saga began with the discovery of oil in the 1970s. It became rich. In 1990, it started a Petroleum Fund, into which was channelled the sales proceeds from its oil and gas. The reason: It did not want to be left with nothing when the oil wells dried up. Today, the fund has an estimated US$350 billion (S$519 billion). 'Even Norway, famously prudent, with conservative, hard-working, frugal people, finds it difficult to resist a populist push - spend just a little more.' In 2001, Norway's government included some of the fund's money in its budget. Parliament capped the sum at 4 per cent of the value of the fund. 'But once they had set the rules, they broke the rules,' Mr Lee noted. The Norwegian government exceeded the 4 per cent limit from 2002 to 2005, arguing the economy was not doing well and it was thus necessary to spend more. In 2005, they renamed the fund the Government Pension Fund - Global, to remind Norwegians that the money was not to be touched. Spending slipped below the 4 per cent ceiling in 2006 and last year, and that is because oil prices soared. Still, some Norwegians clamoured for more. Said Mr Lee, referring to Newsweek's story: 'This is a country which had everything - oil, gas, welfare state, womb to tomb, all provided for - but still there is an opposition party arguing you should pump more oil and have more profits, improved services and lower taxes. So there is no way you can avoid these pressures.' Elections are due in Norway by next year. 'Then, we will see whether the majority of Norwegians continue to uphold the principle of saving for the future,' Mr Lee added. For Australia, the events played out during last year's election. Then-prime minister John Howard announced a A$34 billion (S$34.3 billion) tax package on the first day of the campaign. Labor Party leader Kevin Rudd responded with a A$31 billion package. Mr Lee said: 'So major newspapers in Australia started to keep track of the cost of campaign promises. They called it a pork-o-meter. So as you put in more, the dacing (weighing scale in Malay) goes up.' In the end, Mr Howard's promises hit A$65 billion and Mr Rudd's, A$56 billion. 'Finally, the election was not decided on the pork-o-meter. The people wanted a change...and they chose Kevin Rudd.' In telling these stories, Mr Lee stressed he was not out to criticise others but to show the nature of election politics, to which Singapore was not immune. 'We too, face the reality of election politics. Opposition parties often demand the Government spend more, particularly near election time. They never ask where the money will come from, least of all do they explain where the money for their programmes will come from at election time.' Mr Lee added: 'Therefore, we have to take extra care to safeguard our reserves for the future, to frame the rules to prevent our elections from becoming auctions. Therefore, we need to put in place a system that will subject the Government to tight fiscal discipline regardless of which party is in power.' [email protected] LUP, NSS, GST credits anyone? "buy votes, fix oppositions?" hehehehe seems to me they dont really know what they are saying...

Oil going up up up and up again . Please take note !!!

Oil spikes $25 a barrel on anxiety over US bailout Monday September 22, 2:24 pm ET Oil prices shoot up over $25 a barrel as anxiety over US bailout weighs on dollar NEW YORK (AP) -- Oil prices are spiking more than $25 a barrel as rising anxiety over the U.S. government's proposed bailout of the financial system batters the dollar and sends investors scrambling for safe-haven assets. Investors worried Monday that the mammoth $700 billion rescue proposal will dramatically ramp up U.S. borrowing, an inflationary move that sent the dollar sharply lower versus its rivals. Light, sweet crude for October delivery was up $25.45 to $130.00 on the New York Mercantile Exchange. Prepare for increase in oil price, can go and pump now before they do anything.

Breach under that is..first time in 6 mth trading close below 100 bucks.. let's see whether the cartels will act blur onot..

Oil current price... $112.81.... Petrol company all busy watching Singapore table tennis to get to final. Got no time to bring down the price....

simply a good news to hear, it's keeps falling...local petrol station will be adjusting pump price soon... honestly..am expecting and hope it will fall till US$100 per barrel.. http://www.channelnewsasia.com/stories/afp.../365010/1/.html

Source: http://www.channelnewsasia.com/stories/afp.../359798/1/.html Oil prices top US$147 on Iran, dollar concerns Posted: 11 July 2008 2207 hrs LONDON - Oil prices rocketed to record highs above 147 US dollars on Friday as traders seized on the weak US currency and tensions over Iran and Nigeria at the end of a very volatile trading week. London's Brent North Sea oil for August delivery jumped as high as 147.50 US dollars to beat the previous record of 146.69 US dollars set on July 3. New York's main oil contract, light sweet crude for August, also topped 147 US dollars for the first time to reach a historic 147.21 US dollars. Oil prices swept back into record territory after the European single currency leapt as high as 1.5913 dollars -- not far off the historic peak of 1.6019 that was hit on April 22. The weak dollar boosts demand for dollar-priced oil which becomes cheaper for buyers using stronger currencies, analysts said. "Crude futures continued to rally today (Friday), extending their gains from yesterday on renewed geopolitical and supply fears," said Sucden analyst Andrey Kryuchenkov. "As ever, the market remains very sensitive to any potential supply disruptions and geopolitical tensions," he added. Oil rallied by almost six US dollars on Thursday on the back of simmering geopolitical tensions over key producer Iran and worries over stretched global crude supplies, traders said. Oil had dived below 140 US dollars on Monday as a result of a then strengthening US currency, underlining the extreme volatility that the market is currently experiencing. On Friday, traders continued to track Iran, which is OPEC's second-biggest crude oil producer with output of about 4.0 million barrels per day. The White House played down the risk of war between Iran and the United States, despite Iranian missile tests and some tough talk by US Secretary of State Condoleezza Rice. Rice warned Iran that Washington had beefed up its security presence in the Gulf and would not hesitate to defend its ally Israel. Iran insists its nuclear drive is aimed solely at generating energy but some Western nations fear it could be aimed at making an atomic bomb and have called for a freeze of uranium enrichment. OPEC would not be able to replace Iran's oil production if supplies were halted in case of a war with Israel or the United States, the oil cartel's chief has said. In crude producer Nigeria, meanwhile, kidnappers seized at least one foreigner working for a German company in the restive Niger Delta oil region, a police source said on Friday. The delta has seen numerous kidnappings targeting foreign energy firms, claimed by militants who demand a greater share of the oil wealth for the region's inhabitants. Violence in the southern delta region has already reduced Nigeria's total oil production by a quarter since January 2006. Record oil prices have sparked protests worldwide as people struggle to cope with soaring costs of energy. - AFP/ir

today, crude oil price almost reached US$143/barrel. The damned president of irresponsible cartel OPEC stated price to move over US$150/barrel soon. SG government continues to impose 40% tax on oil, and add gantries to control traffic. my boss say no pay rise but just give me $200 one time off to adjust inflation hike...a very familiar tactics commonly use. Now, i can either sell my car without heavy loss, or use it. think many guys out there has the same thingy. heard that bus fare may soon to increase.

Business Times - 24 May 2008 OIL SPIKE Oil oracle predicts US$200 a barrel Rivals scoffed when Goldman analyst Arjun Murti said the price of crude would breach US$100 a barrel; nobody is scoffing now (NEW YORK) ARJUN N Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: he foresees a 'super spike' - a price surge that will soon drive crude oil to US$200 a barrel. Mr Murti, who has a bit of a green streak, isn't bothered much by the prospect of even higher oil prices, figuring it might finally prompt America to become more energy-efficient. An analyst at Goldman Sachs, Mr Murti has become the talk of the oil market by issuing one sensational forecast after another. A few years ago, rivals scoffed when he predicted oil would breach US$100 a barrel. Few are laughing now. Oil shattered yet another record on Tuesday, touching US$129.60 on the New York Mercantile Exchange. Four-dollars-a-gallon gasoline is arriving just in time for those long summer drives. Mr Murti, 39, argues that the world's seemingly unquenchable thirst for oil means prices will keep rising from here and stay above US$100 into 2011. Others disagree, arguing that prices could abruptly tumble if speculators in the market rush for the exits. But the grim calculus of Mr Murti's prediction, issued in March and reconfirmed two weeks ago, is enough to give anyone pause: in an America of US$200 oil, gasoline could cost more than US$6 a gallon. That would be fine with Mr Murti, who owns not one but two hybrid cars. 'I'm actually fairly anti-oil,' says Mr Murti, who grew up in New Jersey. 'One of the biggest challenges our country faces is our addiction to oil.' Mr Murti is hardly alone in predicting higher oil prices. T Boone Pickens, the oilman turned corporate raider, said on Tuesday that crude would hit US$150 this year. But many analysts are no longer so sure where oil is going, at least in the short term. Some say prices will fall as low as US$70 a barrel by year-end, according to Thomson Financial. Experts disagree over the supply of oil, the demand for it and whether recent speculation in the commodities markets has artificially raised prices. As an energy analyst at Citigroup, Tim Evans, reportedly put it, trading commodities these days is like 'sticking your hand in a blender'. Whatever the case, oil analysts like Mr Murti have suddenly taken on the aura that enveloped technology analysts in the 1990s. 'It's become a very fashionable area to write about,' said Kevin Norrish, a commodity analyst at Barclays Capital, which began predicting high oil prices around the same time as Goldman. 'And to try to get attention from people, people are coming out with all sorts of numbers.' This was not always the case. In the 1990s, oil research was a sleepy area at banks. Many analysts assumed oil prices would hover near US$15-$20 a barrel forever. If prices rose much above those levels, they figured, consumers would start conserving, suppliers would raise production, or both, causing prices to decline. But around the turn of the century, oil company after oil company started missing predicted production figures. Mr Murti, who covers oil companies like ConocoPhillips and Valero Energy, decided to study the oil spikes of the 1970s. Since starting his career at Petrie Parkman & Co, a Denver-based investment firm acquired by Merrill Lynch in 2006, he had been conservative in his calls on oil. But by 2004, he concluded the world was headed for a long supply shock that would push prices through the roof. That summer, as oil traded for about US$40 a barrel, Mr Murti coined what has become his signature phrase: super spike. The following March, he drew attention by predicting prices would soar to US$105, sending shock waves through the market. Angry investors questioned whether Goldman's own oil traders benefited from the prediction. At Goldman's annual meeting, Henry Paulson Jr, then the bank's chief executive and now US Treasury secretary, found himself defending Mr Murti. 'Our traders were as surprised as everyone else was,' Mr Paulson reportedly said. 'Our research department is totally independent. Our trading departments have no say about this.' Over time, Mr Murti was proved right again. Oil crossed US$100 in February. Mr Murti's forecasts now feed into many of Goldman's economic and corporate forecasts, affecting research of companies like Ford and Procter & Gamble. His research is distributed widely among investors. 'Even if you disagree with their views, the problem is that Goldman does carry so much credibility,' said Nauman Barakat, senior vice-president for global energy futures at Macquarie Futures USA. 'There are a lot of traders who are going to buy based on their reports.' His sudden fame unsettles Mr Murti. He rarely grants interviews, citing concerns about privacy, and he declined to be photographed for this article. He is not the bank's only gas prognosticator; Jeffrey R Currie predicts oil prices out of London. Mr Murti, for his part, scoffs at suggestions that his reports affect market prices. 'Whenever an analyst upgrades a stock or downgrades a stock, sometimes you get a reaction that day, but beyond a day, fundamentals win out,' he said. Mr Murti falls into the camp of oil analysts who believe that supply is likely to remain tight because of geopolitical factors. These analysts predict higher prices because production is declining in non-Opec countries like Britain, Norway and Mexico. The analysts who predict lower prices say there are supplies of oil that the bullish analysts are missing. 'This year will be a year in which supply will be put into the market by stealth by Opec and by countries we call black-hole countries,' said Edward L Morse, chief energy economist at Lehman Brothers. China is one example, he said. But while oil and gas prices have been rising for a while now, Americans have only just begun to reduce gasoline consumption, so their efforts to conserve have not dragged down oil prices. 'The fact that the US gasoline demand can be down and that the US gasoline consumer is no longer driving world oil prices is a monumental event,' Mr Murti says. He spends most of his time talking to money managers and analysts, many of whom keep asking him if oil prices will stay high if speculators abandon the market, and says he 'applauds' investors for driving up oil prices, since that will spur investment in alternative sources of energy. High prices, he says, 'send a message to consumers that you should try your best to buy fuel-efficient cars or otherwise conserve on energy'. Washington should create tax incentives to encourage people to buy hybrid cars and develop more nuclear energy, he said. Of course, if lawmakers heed his advice, oil analysts like him might one day be a thing of the past. That's fine with Mr Murti. 'The greatest thing in the world would be if in 15 years we no longer needed oil analysts,' he says. -- NYT

Source: http://sg.news.yahoo.com/afp/20080509/tts-...pe-f6a4e2a.html AFP - 1 hour 1 minute ago SINGAPORE (AFP) - - Crude oil struck a new record high price during trading in Asian hours on Friday. New York's main oil futures contract, light sweet crude for June delivery, reached a record of 124.70 dollars a barrel and was later trading 86 cents higher at 124.55 dollars a barrel. The benchmark contract closed at a record 123.69 dollars on Thursday at the New York Mercantile Exchange and then soared in after-hours deals to the previous all-time high of 124.57 dollars. Brent North Sea crude for June delivery was 85 cents higher at 123.69 dollars a barrel. In London on Thursday the contract crossed 123 dollars for the first time and jumped to a new intraday peak of 123.87 dollars before settling at a record 122.84 dollars. Oil prices have smashed one record after another in recent days, driven by a variety of factors including an influx of investor funds, analysts say.

Source: http://sg.news.yahoo.com/afp/20080506/tts-...ce-f6a4e2a.html AFP - 1 hour 43 minutes ago SINGAPORE (AFP) - - World oil reached a new record price above 120 dollars a barrel on Tuesday as concerns over the United States economy eased, analysts said. New York's main oil futures contract, light sweet crude for June delivery, reached an all-time high in electronic trade of 120.23 dollars, breaking the last record of 120.20 dollars reached during Monday intra-day trade. Monday marked the first time the price had crashed through the symbolic 120-dollar ceiling. The contract was trading on Tuesday afternoon in Asia at 119.95 dollars a barrel against a record closing price of 119.97 dollars Monday on the New York Mercantile Exchange. Brent North Sea crude for June delivery was one cent higher at 118.00 dollars a barrel, after settling at a record 117.99 dollars on Monday in London. The contract had earlier hit an intra-day high of 118.58 dollars. Oil futures prices on both sides of the Atlantic have nearly doubled in a year and have continued to soar since the benchmark New York contract broke through 100 dollars at the start of 2008. Latest US economic data have given oil prices a fresh boost, said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore. On Monday, the Institute of Supply Management said its index for the vast US service sector rose to 52 percent in April, above the level of 50 that means expansion, and better than expected by private analysts. That report followed official data on Friday which showed that the US economy shed 20,000 jobs in April, far fewer than the 75,000 expected by the market. The unemployment rate unexpectedly slipped a tenth of a percentage point to 5.0 percent, the US Labor Department said, compared with an expected rise to 5.2 percent. Shum said the jobs report gave momentum to the market and the numbers from the services sector "further added to the thinking that the slowdown in the US economy may not be as bad as initially thought." Traders had feared that a severe slowdown in the United States, the world's biggest economy and largest energy consumer, could affect oil demand. "The sentiment is quite bullish as a lot of investors think that either way you can't go wrong with oil," Shum said. Dave Ernsberger, Asia director of global energy information provider Platts in Singapore, said that "most importantly now there is evidence that the US economy is doing quite well." Supply jitters from Nigeria and geopolitical tension over Iran added to the price surge on Monday, analysts said. Nigerian militants attacked an oil ship off the coast of the west African country and took two people hostage, a military spokesman said Sunday. Shell accounts for about one-half of Nigeria's 2.1 million barrels-per-day output. "Nigeria is the lingering hotspot the markets will be focusing on," said MF Global analyst Ed Meir. Iran said Monday it would reject any offer that violates its right to the full nuclear fuel cycle after world powers said they had prepared a new package to end a long-running standoff over its nuclear programme. Oil players fear the ongoing tension could result in Iran using oil as a bargaining chip. Iran is the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC) cartel. US President George W. Bush will make US concerns about soaring oil prices "very clear" when he visits Saudi Arabia next week, White House spokesman Scott Stanzel said Monday. Saudi Arabia is OPEC's biggest crude producer.

Bas-tards... TEHRAN : Iranian President Mahmoud Ahmadinejad said that oil is priced too low at US$115 a barrel, adding that the commodity "should find its real value", the state-run broadcasting website reported Saturday. "Oil at US$115 a barrel in today's market is a deceiving figure, oil is a strategic commodity and should find its real value," Ahmadinejad was quoted as saying. On Friday, New York's main oil, light sweet crude for delivery in May, surged US$1.83 higher to a record close of US$116.69 a barrel. It had earlier hit an intra-day all-time peak of US$117. Iranian Oil Minister Gholam Hossein Nozari on Wednesday rejected calls from crude oil consuming countries for the OPEC cartel to act to lower oil prices that have reached record highs. - AFP/ir http://www.channelnewsasia.com/stori...342409/1/.html

Yesterday, CNA 10.00pm news highlight stated that crude oil from the gulf could hit US$200/- per barrel before end of the year.... couldn't imagine $4/- per litre for 95. Its reality in few months time if the report is true.

Source: http://ftalphaville.ft.com/blog/2008/01/03...and-that-trade/ NewsMarkets LiveToday M&A Private equity Hedge funds Capital markets People Aeroports de Paris Ambac bank of america Catalist cattles China Eastern Airlines citi collins stewart Colonial commerzbank Dr Doom Drake Equitable Life ernst & young goldman sachs jpmorgan JSW Energy kaupthing landmark london scottish bank marsh & mclennan MBIA merrill lynch morgan stanley nelson peltz oil promethean prudential Reliance Power Richard Arens sec Singapore Airlines SWF Trian ubs vinci wachovia Weather channel $100 oil and that tradePerhaps Richard Arens just got bored of waiting for oil to pass the magic but meaningless three-figure mark. Or perhaps he wanted a natty print-out for the office loo, a lasting memento of his moment in market history. Regardless of motivation, it was a single small deal by this independent trader that on Wednesday pushed oil prices briefly to the unprecedented $100 a barrel level, reports Javier Blas in the FT. Struck on the floor of Nymex at a hefty premium, about 50 cents, to prevailing prices, that trader, named as Richard Arens who runs a brokerage called ABS, bought just 1,000 barrels of crude, the minimum allowed, from a colleague. The result was a divergence of the prices posted on Globex electronic screens at the exchange and through traders that work the floor - and widespread confusion, says the WSJ. Before the $100-a-barrel trade, adds Blas, oil prices on Globex were at $99.53 a barrel. Immediately after the trade, prices went down to about $99.40, suggesting a trading loss of $600 for Mr Arens. Stephen Schork, a former Nymex floor trader and editor of the oil-market Schork Report, commented:

As of 1st Dec, $88.8/barrel. $10 retreat from high of $99. In Singapore, petrol prices sky rockets with yet another round of increase this week. #$%^&*(#$%^&*

Nov 1, 2007 Oil price exceeds US$96 a barrel, nearing all-time peak SYDNEY - OIL leaped nearly 2 per cent to top US$96 (S$139) on Thursday, nearing its all-time peak after an unexpected sharp fall in United States crude stocks and data showing strong economic growth. The rise was also supported by a drop in the US dollar, which fell to record lows against the euro after the US Federal Reserve cut rates by a quarter percentage point. The rate cut also boosted the attraction of commodities as an investment. US oil for December delivery rose as high as US$96.21 a barrel in electronic trade. By 10.49am it was up US$1.50 at US$96.03. December Brent crude also hit its record high of US$91.63, up US$1 on the day. Oil soared US$4.64 or over 5 per cent on Wednesday, its biggest one-day gain in 10 months, after US data showed an unexpected 3.9 million barrel drop in crude stocks last week, most of it at the Cushing, Oklahoma, delivery point. 'The US inventory report has reaffirmed the belief that market conditions are tightening and oil prices are ratcheting up higher on that basis,' said Mr David Moore, a resource analyst at the Commonwealth Bank of Australia (CBA). Two rate cuts by the Fed to stave off fears of recession also have added liquidity to financial markets by making it cheaper to borrow, and some analysts say the extra cash has been drawn to energy markets. Oil prices have surged more than 50 per cent since the start of the year, and have risen about 18 per cent in the past month alone on winter supply worries, speculative buying and a succession of record lows in the US dollar. Prices are now nearing the inflation-adjusted high of US$101.70 seen over the course of April 1980, but the economy of the world's biggest energy consumer has shown surprising resilience to high oil prices, growing at a brisk clip in the third quarter. -- REUTERS USD 100 is coming

And why are we still seeing the same price list on our petrol stations I know this has been discussed b4 and that the savings at the end of the year is just a few hundreds(depend on how you run)... but why are we being treated like a sucker loh? Prices dropped to more than 10%. That means effectively our friendly petrol providers are raking in this 10% as profit from the sky? Correct me if I'm wrong please... let me see the light at the end of the station