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The uncertain course of the war and the accompanying gyrations in oil prices are making U.S. priced crude. The companies also are worried that a sudden favorable turn in the war could caused oil prices to plummet.

Currency Day Trading Crude oil prices have topped $50 a barrel during Asian trading, prompting worries that energy costs could cool off the region's economic growth.

. (EUNN) Authorities stopped a suicideattack on the Saudi Arabian Abqaiq processing center, thirds of the oil from the world's largest producer. Crude oil prices tore up following the news as traders worried the flow of crude oil would halt. Crude oil for April delivery rose as much as $2.06, or 3 percent, in early New York trading following news of the Abqaiq oil processing center's attack this morning before recovering to $62.21 a barrel, which is still $1.67, or 2.76 percent, higher than the open.

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The Iraq war did not cause an immediate oil shortage, even though the conflict cut off nearly 2 million barrels of daily crude oil supplies, or about 3 percent of the world's needs. In February, Saudi Arabia and other Persian Gulf producers increased oil production to counter a sharp increase in crude prices caused following the Venezuelan strike. Now that additional oil, equal to 1.5 million barrels of daily supply, is arriving at refineries along the Gulf of Mexico, day voyage from the Persian Gulf.

Online Stock Trading Company Sept 29, 2004 (AXcess News) Hong Kong - Crude oil prices have topped $50 a barrel during Asian trading, prompting worries that energy costs could cool off the region's economic growth.

Prices Rise By VOA News U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility. Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too! Print This Page June 15, 2004 (AXcess News) U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility.

Forex Day Trading Worries that rebel attacks would disrupt Nigeria's oil production and that U.S. oil output would be slow to recover from recent hurricanes sent prices to new highs Tuesday.

These prices are at a near 100% premium as compared to the same point last year, when oil was traded for just above $50 per barrel.

Financial In Market Light sweet crude oil hit a high of $50.47 a barrel during afternoon trading in Asia. That was up 83 cents from its level at the end of trading in New York on Monday.

Stock Trading System The continued rise in oil prices has some economists and business leaders in Asia worried that the region's growth could be hurt.Rajeev Malik, an economist at JP Morgan, says the higher oil prices will have three major affects on Asian economies.

Day Trading Stock Tip "Countries have to shell out more foreign exchange for a higher import bill," said Mr. Malik. "To the extent that domestic fuel prices are adjusted, inflation is pushed higher, and third is to the extent that it hits consumer spending because incomes are impacted adversely."AdvertisementAnalysts fear the surge in oil prices will cut into corporate earnings. Most Asian economies are heavily dependent on exports, and many are loaded with foreign debt. If oil prices remain high, that could slow the big Western economies, cutting export demand. At the same time, the smaller Asian economies will have to struggle to pay off debt, and pay for energy needs.Most Asian stock markets were lower Tuesday, partly in response to oil prices, but there was no sign of panic selling. Thailand's SET index lost nearly 1.4 percent, and the PSE Composite in the Philippines gave up nearly one percent. In Tokyo, the Nikkei 2-2-5 index fell four-tenths of one percent.

Financial Forex Forex Software The Asian Development Bank says Thailand and the Philippines would be among the worst hit by high oil prices, because they depend most on imported oil.The bank says Asian economies must encourage efficient use of oil and implement tax incentives to develop renewable energy sources.

Stock Market Trading Source: Voice of America

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