Random Pagan Verse:
These laws are ordained to help us in our difficulties. No person, no matter how large the injury or injustice they incur, may use the Art in any way to do evil or harm anyone. But they may use the Art, after great consultation with the elders
and fellow coveners, to keep the Christians and their tools from harming anyone -- but only to constrain them. To this end, some day men will say "That man says he is a mighty persecutor of Witches, but all we ever see him torture are old women -- we cannot see that
they have hurt anyone, and if they are all such powerful Witches, why has he not been harmed?" They will see him as the evil person he is, regardless of his professed beliefs. We know that too many people have died because someone had a grudge against them, or were persecuted
because another wanted their wealth or because they were too poor to bribe the witch-hunters. And many have died only for being old women -- so many that most men now seem to believe that only old women are Witches. This is to our advantage, for it turns many suspicious eyes away from us;
but we mourn deeply for the old women. Still, in England and Scotland, it has been hundreds of years since a Witch "died the death"; be vigilant, for the misuse of our power might begin the persecutions again. Never break this law, no matter how much you are tempted. Never consent to the
breaking of this law: even a High Priestess who merely consents to the breaking of this law must be deposed immediately, for it is the blood of all the Witches that she endangers. DO ONLY GOOD, and then only when it is safe to do anything at all.

Author Topic: Global oil price hit highest level in 2015  (Read 734 times)

Offline mastercode (OP)

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Global oil price hit highest level in 2015
« on: February 14, 2015, 11:15:02 AM »

Oil price hit its highest level for the year on Friday with Brent crude rising above $60 (N12,360) a barrel, as euro zone economic growth exceeded expectations.

Reuters reported that Brent rose about three per cent in Friday?s session and was on track to a six per cent on the week and 15 per cent on the month. Gains heightened after its front-month contract switched on Thursday at a premium.

Brent had collapsed from a high above $115 a barrel in June 2014 to a near six-year low under $46 in late January, as fears of a global oil glut rattled the market.

Many analysts and traders believe there is a global oversupply of nearly two million barrels per day in crude oil. They say little has changed fundamentally to explain the rally of the past two weeks.

?Naturally, when prices fall that much within that short a time, you?re likely to have a severe rebound as well, though speculators are possibly adding more fuel on the way up now,? said Phil Flynn, analyst at the Price Futures Group in Chicago.

Brent was up $1.85 at $61.11 a barrel at 1:30 p.m. ET (1830 GMT), having reached $61.77 earlier.

U.S. crude CLc1 rose $1.52 to $52.73, after a session high at $53.32.

Some traders attributed Friday?s strength in oil to an unexpected acceleration in euro zone economic growth in the final quarter of 2014. The bloc?s largest member, Germany, particularly grew at more than twice the expected rate.

Separately, the number of rigs drilling for oil in the United States fell by 84 this week to 1,056, the lowest since August 2011, a survey by oil services firm Baker Hughes showed on Friday. Still, the recent rally in oil prices has come amid record-high U.S. crude inventories.

The Chief Technical Analyst at United-ICAP in Jersey City, New Jersey, Walter Zimmerman, said unless U.S. crude rose above $58.72, its rebound from a low in January of $43.58 ? was doomed to be a minor bear market correction in a continuing long-term down trend.?



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