Nigerian Rebels Attack Pipeline
Despite the International Energy Agency’s revising oil demand projections downwards earlier today, crude for August delivery jumped $2.48 to $71.64 a barrel by 2:00 P.M. in New York today. The increase has been attributed to the recent attacks by Nigerian militants which has hampered Nigeria’s output. More
BIS Warns of Inflation
The Bank for International Settlements (BIS) warned today that the implementation of massive government stimulus programs, combined with a tendency for central banks to delay raising interest rates, could lead to runaway inflation. More
House Passes Climate Bill; Obama Opposes Trade Sanctions
While congratulating the house for passing the energy bill, President Obama spoke out against provisions in the bill that would levy trade penalties on countries not doing enough to combat global warming.
“At a time when the economy worldwide is still deep in recession and we’ve seen a significant drop in global trade,” Mr. Obama said, “I think we have to be very careful about sending any protectionist signals out there.” More
Commodity Rally Could Be On Hold
Commodities which have enjoyed a resurgence over the past three months, could see gains set aside. Recent manufacturing reports suggest that supply could soon exceed demand triggering speculators to initiate a sell-off in order to take profits, driving down commodity prices. More
