Palangkaraya Post News

KUALA LUMPUR, (Bernama) — Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher Tuesday on expectations of strong demand for biodiesel amid rising crude oil prices, dealers said.

Crude oil prices touched an all-time high of US$87.96 per barrel today.

“As oil prices go up, the alternative would be crude palm oil which is used for biodiesel and this means increased demand for the commodity,” a dealer said.

He said that strong export growth and lower output in production also reinforced the market.
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NEW YORK (AP) — Gold prices surged Monday as sharply rising oil prices and a falling dollar sparked concerns about inflation, prompting investors to seek the relative safety of precious metals.

The commodities markets advanced broadly. Precious and industrial metals prices rose as the energy market heated up. Agriculture futures were mixed at midday.

Gold prices surged as investors scrambled to the traditional haven against a sinking U.S. dollar and rising oil prices. The greenback approached its all-time low of $1.4282 against the euro, while crude oil prices soared above $86 a barrel for the first time. Investors will often shift funds to precious metals to allay concerns about the dollar’s weakness, or to hedge against inflationary (more…)

LONDON (MarketWatch) — U.S. stock futures pointed to further declines Tuesday as oil prices pushed toward new highs near $88 a barrel and investors eyed a profit warning from Ericsson and the latest earnings from Wells Fargo and Johnson & Johnson. See full story.
Futures Movers: Oil futures break $87 to reach fresh record-breaking heights
LONDON (MarketWatch) — Crude-oil futures breached the $87 a-barrel mark to hit another all-time, intraday high during the electronic trading session Tuesday, finding support from risks to production in the Middle East and worries about declining inventories in the U.S. See full story.
Ericsson shares tumble 25% after profit warning

LONDON (MarketWatch) — Shares in Ericsson AB lost more than a quarter of their value on Tuesday after the world’s largest maker of wireless networks warned its third-quarter profit (more…)

Supply fears send crude soaring as analysts ponder market’s upside

Crude for November delivery ended at $86.13 a barrel, up $2.44 on the New York Mercantile Exchange. Earlier, the contract set a new front-month intraday trading record of $86.22.
The next target area of $87 to $87.50 “will be a tough nut to crack and is the next layer of resistance. Unless we see a confirmed supply disruption in the neighborhood of 2 million barrels per day, then prices will most likely stall at that level,” said John Person, president of NationalFutures.com.

“The key is there is a new concern — and that is the Turkish dispute with the Kurdish rebels in northern Iraq,” he said. (more…)

Middle East output risks, falling U.S. crude supplies keep crude north of $86

Despite the bout of profit taking, Turkey’s threats to pursue Kurdish separatists in northern Iraq and declining U.S. inventories built convincing support under crude prices at the lofty levels.
Rumors and events, particularly the tension between Turkey and Iraq, “kept churning the market,” said Charles Perry, chairman of energy-consulting firm Perry Management.

While profit-taking may be the order of the day ahead of the U.S. petroleum inventory reports due Wednesday, “it appears to me that the real thing driving this market up is the realization that we are in short supply, and it is not getting any better,” he said. (more…)