Petrol Malaysia

10 Month High and Factors On 24/8/2009, OPEC's basket price for crude oil stood at USD$72.89. The basket price is an average of prices from various regions. (Ref: OPEC Basket Price .) The graph shows that crude oil prices dropped to a low of USD68.04 on 17/8/2009 and have been climbing steadily since then. The result is a V-shaped movement over the last two weeks -- a decline in the price of oil (from USD72.22 to USD68.04) and its subsequent surge on the 24th of August 2009. On 24th August 2009, The Malaysian Insider reported that crude oil hit a ten month high at more than USD74/= per barrel. (Ref: The Malaysian Insider, 24th August 2009. Oil rises above US$74, nears 10 month high .) The factors cited in the report were: (1) Hopefulness that the US economy would recover soon, and (2) A storm in Eastern Canada. This storm was caused by Hurricane Bill: ... Hurricane Bill brought rain and heavy winds to Nova Scotia in eastern Canada on Sunday, but the Category 1 storm caused li...

In the past few months, crude oil prices have gone down and climbed up again. Forbes reports that crude oil futures for September delivery traded at more than USD69 per barrel today, a rise of 3% from yesterday. (Ref: Reuters, 18th August 2009. Oil rises above $68 on Wall Street gains .) In the local Malaysian scenario, the following interesting stories have appeared. (1) The International Monetary Fund (IMF) advised that Malaysia should reduce its dependency on oil. (Ref: The Star Online, 16th August 2009. IMF: Take preventive steps and reduce dependence on oil .) The Forbes today also reported: Malaysia shelved plans to implement GST in 2007 but has recently put it back on the drawing board due to declining oil revenues. Malaysia's budget deficit excluding oil revenues will be 11 percent of GDP in 2008, according to the IMF, and with lower oil prices in 2009 than in 2008, the income from oil will shrink in 2010 as it is based on 2009 prices. (Source: Forbes, 18th August 2009. UPD...