Thursday, November 01, 2012

New York Oil Price - High Tide Diminishing


The New York oil price continues to diminish its rise on October 31.


Express report from XinHua [news agency]: [Hurricane] "Sandy" has led to a partial breakdown of mineral oil supply [while] the price for New York oil continued to diminish its rise on October 31. U.S. [share] of the forward price for the light brand of crude oil [i.e. "New York light"] has risen to 56 [%] over a 12 month period of delivery. [The selling price is now] 86.24 U.S.$ for each barrel [including] a 0.65 % rate of increase.

[Source: XinHua Network on 1st November 2012]

UPDATE on November 2, 2012:

Gas shortages can still be felt in certain regions of New Jersey where people and cars are lining up for gasoline. According to a witness report on CNN, car lines are extending up to one mile while gas prices are stable or even slightly declining:

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