TNI Not Add Troops Unrest in Papua, freeport issues

TNI Not Add Troops Unrest in Papua, freeport issues

Armed Forces Commander Admiral Agus Suhartono sure would not send additional troops to Papua following a Paradise Earth is still warming.

"In terms of confirmed Papua's police operation, therefore the military who served there only to help the Police, in dealing with armed groups," said Commander of joint military exercises after the closure of the Police, the TNI headquarters, Cilangkap, Friday (10/28/2011).

But for border operations, the commander said they would send additional troops.

"Except that operate on the border. The operation of the border is the duty of the military, the TNI is therefore perform border security," he said.

According to the Commander, the deployment of troops was different, the deployment of troops to the border is from the deployment of battalions that exist throughout Indonesia, while for police assistance in terms of policing and law enforcement that is, military personnel residing in the territory of Papua. "There is no addition to the military, in wllayah Papua, and the President had not asserted that the military operations carried out but police operations. TNI only helps control the armed groups in Papua, "he asserted
Member of Commission III, Bambang Soesatyo asking the question happened in Papua is not diverted from the main issue. According to the most important now is peace in the land of Papua.

"Priorities for Papua current policy is to restore security for the creation of a conducive atmosphere. Therefore, do not destroy the morale of soldiers in the field with the transfer of Police issue about deposit security money of the PT. Freeport Police soldier, "Bambang said in a release received Legal, Sunday (30/10/2011).

However, Bambang through legal commission will continue to question the existence of funds related to the security money deposited in Freeport for the Police. But the main problem in Papua is now linked by certain parties of armed attacks that killed innocent civilians must be investigated.

"In time, the House of Representatives Commission III will ask for explanations and accountability of the Chief of Police regarding the safety of Freeport's money," said Golkar politician.

If the issue of security money from Freeport to be a priority issue, Bambang fear it would undermine the morale of the soldiers who served in the field. That means the same as blaming the soldiers who are performing duties with a high risk in Papua.

"In fact, responsibility for the security deposit money of Freeport is on the shoulders of the police officers in Jakarta," he said.

Bambang admitted deposit security money from Freeport that sounds odd, but nevertheless he hoped that the case does not necessarily make people forget for sympathy to the families of shooting victims.

"This case should not make us all forget to sympathize with the families and colleagues of the deceased former police chief Adjunct Senior Commissioner Mulya Dominggus Awes. No matter how small the job is never done Dominggus and his colleagues, they melakukaknnya to defend and protect the interests of the country, "said Bambang.

Mulya Kapolsek death, Puncak Jaya, Adjunct Commissioner Dominggus Awes and three soldiers wounded in the attack by unidentified men armed, continued to weaken mental soldiers who served.

"For the soldier on duty Police in Papua, Dominggus death is a great loss which could possibly weaken their mental. Hardness of the soldiers would fall out if the issue of security money from Freeport become a major issue at this time. They feel dipersalahkanm, "he said.

Therefore, Bambang said, it is clear that the atmosphere is not conducive in Papua should be immediately terminated."That is a priority issue. Moral support of all parties to the Police and TNI soldiers urgently needed so that they could repel the armed groups that disrupt public security and order in Papua, "he concluded.

Issues Funds flow to the military-police Freeport

Issues Funds flow to the military-police Freeport

Funds flow to the military-police Freeport So Neglected Issues
Contrast the findings about the flow of funds to the security of PT Freeport Police and military institutions can not be underestimated.

Because the findings could be the entrance to the law in Indonesia, particularly the Commission, to explore further the alleged corruption committed certain elites related to the extraction of concessions? given PT Freeport over the years.

Not only that, explained Contrast activist Usman Hamid, the findings could even drag PT Freeport to America's national courts.

PT Freeport deeds that give some money to public officials who are meant to influence their behavior, obviously Usman, is unlawful.

"The findings could also be used to question the compliance of national law Freeport Indonesia and America's national laws regarding the ban on bribery (bribery)," said Usman via short message sent to Okezone, Sunday (10/30/2011) night.

According to him, the flow of funds from PT Freeport security to a number of military and intelligence officials is that as long as this would be one of the major issues in Papua untouched.
"This problem will not divert the main issue, because this is precisely the issue that always diverted by the issue of separatism. Separatism issue is also being used to divert the issue of industrial workers or employees who strike Freeport. Also, used to divert the issue of dialogue," he explained.

Uthman was accused, separatist problems are created deliberately to obscure the root of the problem, namely the problem of economic crime experienced by the people of Papua.

"Religious leaders in Papua have put the old suspicions that separatism is made by creating the OPM target," he concluded.

Indonesian Govt help Freeport resume operations

Indonesian Govt help Freeport resume operations

A senior official says the government will take all needed steps for PT Freeport Indonesia (PT FI) to resume normal operations at its Grasberg gold and copper mine in Timika, Papua.

Deputy Energy and Mineral Resources Minister Widjajono Partowidagdo said on Friday that the ministry would coordinate with relevant institutions to provide security assurances to Freeport.

“I will go to Papua [this week]. I just met with representatives of Freeport employees and locals living near the mine. They complained about the security condition there,” he told reporters at his office.

Widjajono said the government would focus on security first, worker welfare second and then on renegotiating the government’s contract with Freeport.

“In negotiations, it’s important to prioritize transparency and trust so that we can produce win-win solutions. Don’t demand exaggerated things or we’ll never have an agreement,” Widjajono said.

Under normal conditions, PT FI produces about to 230,000 tons of ore a day, which is delivered to a processing plant in Mimika where it is transformed into about 6,000 to 7,000 of concentrate.

According to the third quarter report of Freeport McMoRan, PT FI’s parent company, local production and sales of copper and gold were adversely affected by strikes in Indonesia.

The company said PT FI missed its copper production target by 70 million pounds and its gold target by 100,000 ounces of gold due to the eight-day strike in July and the ongoing strike that started on Sept. 15.

“Freeport Indonesia has developed revised operating plans to produce and ship concentrate at modified levels with a reduced workforce and sold concentrate from inventory during the third quarter of 2011, which partly mitigated the lower production levels,” read the report.

PT FI spokesman Ramdani Sirait said earlier that the company had cooperated with customers on its revised concentrate production and shipping schedules throughout the strikes.

“Lower concentrate production has impacted our ability to fully fulfill our sales commitments. As a result, we were required to declare force majeure on the affected concentrate sales agreements,” he said.

Bloomberg reported on Sunday that striking workers have called for suspending talks with the management for a week after earlier rejecting an offer of a 30 percent increase in wages.

“The workers have asked for a break starting on [Monday] to explore other options for a comprehensive solution,” Virgo Solossa, head of organizational affairs at PT FI’s labor union, said by telephone from Timika.

PT FI’s non-staff workers (field operators) have demanded status as hourly wage workers with salaries from between US$17.50 and $43 per hour.

Management rejected the demand, offering a 30 percent increase in base salaries, higher than its previous offer of 22 to 25 percent as recommended by a mediator.

However, the workers insisted on their demands for hourly payment.

PT FI claimed that its lowest level field operators received Rp 170 million (US$19,285) in annual take-home pay, including benefits, while the highest-ranked employees received Rp 235 million.

This claim was rejected by Freeport’s worker union, which said low-level operators were paid 90 million a year, while the highest level received Rp 142 million.

The ongoing strike claimed five lives when police officers opened fire on strikers blocking PT FI facilities...RESOURCES

Mexico’s Pemex to Drill for Oil in Deep Waters Gulf

Mexico’s Pemex to Drill for Oil in Deep Waters Gulf

Mexico’s state owned Petroleos Mexicanos, also known as Pemex, intends to explore deep waters exploration in the Gulf of Mexico

In February 2012 Petroleos Mexicanos will begin drilling three exploratory wells on its maritime borders with the United States, in the Perdido Fold Belt in the deepwater Gulf of Mexico offshore sites.

Petroleos Mexicanos Pemex Exploracion y Produccion director Carlos Morales Gil said that any crude oil found on the Mexican side of the 12 square mile site "will be negotiated with under treaty terms on transboundary reservoirs with the U.S. to regulate the exploitation of the resources,” Mexico City’s el Universal newspaper reported.

Petroleos Mexicanos estimates that the Bicentennial and Pegasus West sites could contain up to a potential 3 billion barrels of oil, equivalent to 21 percent of Petroleos Mexicanos’ current proven oil reserves.

Morales Gil said that beyond the drilling of the exploratory wells, the work on the delimitation of the deposits will require an initial investment of $1 billion dollars and should the existence of reserves be confirmed, to exploit the site over the next five years will require up to $10 billion....READ MORE

Iraqi Oil Ministry Signs Natural Gas Contract with South Korea's

Iraqi Oil Ministry Signs in Natural Gas Contract with South Korea's

After nearly a year of protracted negotiations, the Iraqi Oil Ministry has concluded a contract with South Korea’s KOGAS company for the Akkas natural gas field in Anbar province.

On 20 October 2010, Iraq’s Oil Ministry auctioned off three natural gas fields, the Mansuriyah field in Diyala, Siba in Basra, and Akkas in Anbar in the country’s first successful natural gas field auction. South Korea’s KOGAS and Kazakhstan’s KazMunai Gas put in the winning bid for Akkas, with the partnership offering $5.50 per barrel equivalent in gas production after the field reached 400 million cubic feet of production.

The Akkas natural gas field has an estimated 5.6 trillion cubic feet of reserves. This was the first successful offering for natural gas in Iraq.

The process has not been smooth. On the day of the gas auction, politicians in Anbar held a demonstration, voicing a multitude of complaints, including that the Akkas natural gas field be under provincial control, that companies developing the site hire local workers, that any natural gas produced there would first be used for neighboring power plants and that government authorities in Baghdad had ignored the province’s earlier attempts to develop its natural gas, The Kurdistan News Agency reported...READ MORE

How About Globals Warming And Oil Prices

How About Globals Warming And Oil Prices

What are the Causes of Global warming

It’s a scientifically proven “Fact,” that over the past century, our planet has slowly been warming up. Since the beginning of the 20th century, the average temperature around the world has gradually risen by one degree fharenheit.While this minimal warming might not seem all that significant, the truth is, according to Climatic Specialists all around the globe, the over-all impact will most certainly prove to be devastating if this continual warming process is not somehow ebated. Scientists have been busily searching and studying in order to determine precisely what the primary, “key factors” are behind this progressive “heating up” process. Here’s

Debunking the Myth of Peak Oil - Why the Age of Cheap Oil is Far From Over (Part

If I may, I would like to rebut or add a little objectivity to the flood of “Peak Oil” articles circulating around. When I see another crisis looming in the balance, and dramatized articles that warn of the “Dangers of Peak Oil,” I must question the validity or how this will effect the world, the USA, and you and I personally, and if indeed a crisis is at hand. As for world oil, if you ask the right questions, there are several new technologies/methods/alternatives and new finds that can easily supply enough hydrocarbon fuel for the next century or more. The ...
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10 Geopolitical Predictions for 2010 & Short Term Strategic Outlook

A great - and still growing - divergence appeared in 2009 between public statements by leaders and their public performance. The politicized, romanticized theater of increasingly populist “democratic” leaders and media seemed to be of a different planet from activities taking place in the real world. While a large part of the global population appears still transfixed by words, there is a growing perception that great fissures already rend the global strategic architecture. This is a trend which will compound during 2010. There is a widespread belief that the world has “ducked the strategic bullet” of global economic collapse, but this is merely ...

What is Crude Oil?-A Detailed Explanation on this Essential Fossil Fuel

Crude oil, commonly known as petroleum, is a liquid found within the Earth comprised of hydrocarbons, organic compounds and small amounts of metal. While hydrocarbons are usually the primary component of crude oil, their composition can vary from 50%-97% depending on the type of crude oil and how it is extracted. Organic compounds like nitrogen, oxygen, and sulfur typically make-up between 6%-10% of crude oil while metals such as copper, nickel, vanadium and iron account for less than 1% of the total composition. Crude Oil Formation Crude oil is created through the heating and compression of organic materials over a long period ...What is Peak Oil Theory? A Thorough Look at This heavily Debated Topic

Currently there is a lot of debate going on regarding Peak Oil and precisely what we need to be doing about it, both now and in the near future. The term "peak oil" refers to that specific point in time when the Earth's oil supply will finally reach that theoretical "maximum rate" of global petroleum extraction and will then signal the start of a progressive decline, where our thirst for oil will finally exceed our available supply of oil! "Peak Oil Theory" is a concept originally derived from the measured postulates and predictions of M. King Hubbert, who in the What Affects Oil Prices?

Understanding what causes the price of oil to fluctuate can oftentimes be a confusing subject for those outside of the commodities market. There are a number of factors that affect the price of oil in both the U.S. and abroad, understanding the intricacies of oil pricing can help investors better time their investments in this high-demand commodity. OPEC and Global Oil Supply and Demand Oil prices are driven by global changes in supply and demand along with a number of other geopolitical factors. Worldwide oil production is controlled by OPEC – the Organization of the Petroleum Exporting Countries, which aims to keep ...

About Oil Price

Oil Price is one of the leading energy news sites online. The site has news and opinion on all fossil fuels covering crude oil, natural gas and coal. 50% of our content is also focused on alternative energy and the environment where we cover solar energy, wind power, and all other clean energy technologies.

The site also contains crude oil price charts and crude oil consumption tables. Our crude oil price charts cover three month periods and our energy tables cover crude oil production and crude oil consumption alongside coal, natural gas, nuclear power and all other major energy sub-sectors.

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Oil Price reports can be found on Marketwatch, The Street, Huffington Post, Roubini, USA Today and hundreds of other top news publications...READ MORE

Oil Prices Fell 0.68% Decline in international

Oil Prices Fell 0.68% Decline in international

NEW YORK, 1028 Xinhua profit-taking by investors affected by the operation, 28 after international oil prices rose following the previous session to close at down.

The recent trend of international oil prices and the process of resolving the debt crisis in Europe associated with a high degree. 27 EU leaders to

reach a settlement of the debt crisis package, which greatly boosted the market sentiment, and promote oil prices rose 4 percent.

But investors and market analysts believe the market for the debt crisis in Europe over the reaction solution, because the program is currently in Greece to write down the debt, how to increase Europe’s financial stability mechanism is still a lack of such details. Market doubt, the intensity of the program is not enough, is unlikely to effectively curb the debt crisis, optimism began to wane. Therefore, investors take profit-taking, selecting can be secured.

In addition, from the crude oil supply and demand point of view, with the heavy debt burden, Greece, Italy and other countries to slash government spending, the European oil demand will continue to decrease. The data showed Japan the same day, nine plants to reduce output 6 for the first time, to add pressure on global oil demand outlook.

The same time, stabilize the situation in Libya, in its crude oil exports are expected to recover. Supply and demand changes to a more global representation of the meaning of Brent crude oil constitute more pressure.

To closing, the New York Mercantile Exchange, light sweet crude for delivery fell 64 cents to settle at $ 93.32 a barrel, down 0.68%. Then rose $ 5.92 the week, or 6.77%.

12 delivery London, Brent crude oil futures prices fell $ 2.17 to close at $ 109.91 a barrel, down 1.94%. Closed the week flat base, only inched up 35 cents ....READ MORE

Libya's dirty secrets for oil

Libya's dirty secrets for oil

Gaddafi's Legacy of Libyan Oil Deals

Gaddafi is gone, and how. Yet, his legacy would be tough to scratch. The news of his death marks the beginning of a new era for oil exploitation in Libya which markets greeted with a slight dip in oil prices. Today we look back at Gaddafi, oil and his international partners.
Libya's dirty secrets for oil

When NATO strikes started against Libyan military targets, the dictator, Gaddafi, threatened to annihilate the country's oil pipelines to put pressure on NATO. Call it curious coincidence or not, in the following days, key oil ports, Es Sider, Ras Lanuf, Zueitina, Brega and Tobruk, were the first to fall to rebels, rather than the political capitals. After all, crude oil plays a significant centerfold role in the events unfolding in Libya...READMORE

High Oil Prices Have Come Back To Haunt Indian Economy

High Oil Prices Have Come Back To Haunt Indian Economy

The steep depreciation in rupee in the past couple of months is worsening the problem of high crude oil prices for the Indian economy.

Although, the global oil prices have somewhat eased recently, the cost to India has been going up. At a time when India is battling several woes such as high inflation, rising deficits and slowing growth, a combination of weak rupee and high crude prices could further complicate matters.

After reaching a peak in April 2011, the global crude oil prices have eased subsequently. Accordingly, the average price for India's crude oil basket at $106.9 in September and October was 4% below the average in the April-August 2011 period.

However, in rupee terms, India's net import cost in the past couple of months at almost Rs 5,200 per barrel turned out to be nearly 4% higher than the preceding four months. It is not that the current global oil prices are at their historic peak or the rupee is at its historic low. Brent oil prices touched $143 in July 2008, while the rupee-dollar exchange rate had touched 52 in March 2009.

FY09 witnessed India's fuel under-recovery zoom above Rs 1,00,000 crore. The government then could afford to plug the hole with a huge heap of oil bonds. Things are different this time as both the perils, weak rupee and high oil prices, have come back to haunt the economy and the government lacks the firepower it had three years ago.

It is already seen falling behind its revenue targets and overshooting expenditure targets and hence looking at a wider fiscal deficit. India imports around 80% of the crude oil it needs. Although, the country is a net exporter of finished petroleum products, the domestic consumption has been growing at a high pace.

Since FY07, India's consumption grew at a cumulative average growth rate of 4.1% to 142 million tonne in FY11 and is expected to grow 4.6% in FY12 to 148.3 million tonne, according to the petroleum ministry. This is more than twice the global growth in oil demand during this period. Rising global prices, apart from growing domestic consumption, have also created a huge fiscal burden on India as the costs are not fully passed on.

According to the petroleum ministry's estimates, India's total petroleum under-recoveries for FY12 will be Rs 1,21,571 crore, if Indian crude basket averages at $110 per barrel for the whole year. However, these estimations were made in June 2011 when rupee-dollar exchange rate was Rs 44.85.

The currency has weakened 10% since then. The industry lost Rs 64,900 crore in the first half of FY12 and Rs 272 crore daily in the first fortnight of October 2011. The rupee depreciation could necessitate an upward revision to the overall under-recovery numbers in the near future. The composition of the Indian basket of crude is based on total industry processing of sour and sweet crude, including domestic output of crude.

With Indian refiners improving their ability to process more and more sour crude oil, or crude oil with high sulfur content, the Oman, Dubai grades have gained weightage in the composition of Indian basket over the years. From 58% weightage in overall basket in FY06, the sour grades represented by Oman & Dubai grades now account for 67.6% since April 1, 2010.

Naturally, the proportion of Brent crude in the Indian basket has fallen to 32.4%, from 42%, in this period. Risk appetite returned to the markets in the past few trading sessions due to the Eurozone's plans to bail out the Greek economy, while the rupee appreciated with FII money flowing in. On the other hand, this also boosted the international oil prices.

Looking at the fundamental picture, over the next 6-12 months, the oil prices could stagnate particularly with moderate global economic growth and rising oil production from the Gaddafi-less Libya and Iraq.

The rupee's fate will depend on how India is able to contain foreign investors' worries about widening budget deficit and slowing economic growth. In this regard, what the government does with its mountain of fuel subsidy is something the world will be watching for.

Digging Deep

In rupee terms, India's net import cost in the past couple of months at almost Rs 5,200 per barrel turned out to be nearly 4% higher than the preceding four months. Since FY07, India's consumption grew at a cumulative average growth rate of 4.1% to 142 MT in FY11 and is expected to grow 4.6% in FY12 to 148.3 MT. India imports around 80% of the crude oil it needs....RESOURCES

Oil price falls on trading after Greece’s troubles not over and Japan production falls

Oil price falls on trading after Greece’s troubles not over and Japan production falls

Oil prices dropped Friday as investors acknowledged that Europe needs to tighten its belt for years to work through a credit crisis and factory production stalled in Japan.

Benchmark crude fell 64 cents to end the day at $93.32 per barrel in New York. Brent crude, which is used to price foreign oil, lost $2.17 to finish at $109.91 per barrel in London.

Prices have seesawed for weeks while Europe tried to deal with Greece’s debt troubles. Oil soared Thursday after eurozone leaders hammered out an agreement to avoid default, and economic news in the U.S. soothed fears of another recession. Still, analysts agreed that Europe has much more work to do and the U.S. economy is not up to full steam.

“It’s going to be a while before we see a broad-based solution to the problem,” independent analyst Jim Ritterbusch said.

Europe will likely see energy demand fall while Greece and other countries cut spending to get their national debts under control. Meanwhile one of the continent’s biggest oil suppliers, Libya, is expected to resume exports this year after an eight-month stoppage because of unrest there.

Japan on Friday said that factory production fell in September for the first time in six months. The export-dependent nation produced fewer cars, chip-related machines and cellphones as the yen strengthened against other currencies, including the dollar. That made Japanese goods less attractive to foreign buyers and could mean demand for oil will fall as factories slow.

On Wall Street the major stock indexes were little changed after Thursday’s big rally. The Dow Jones industrial average, the S&P 500 and the Nasdaq composite index moved between small gains and losses.

At the pump, gasoline prices rose less than a penny to a national average of $3.448 per gallon, according to AAA, Wright Express and Oil Price Information Service. Gasoline prices are 64 cents higher than they were a year ago.

Natural gas futures prices jumped more than 4 percent as colder weather blanketed much of the eastern U.S. Natural gas rose 16 cents, or 4.2 percent, to end the day at $3.923 per 1,000 cubic feet.

In other energy trading, heating oil lost 4 cents to end at $3.0592 per gallon, while gasoline futures fell 6 cents to finish at $2.6822 per gallon.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed....RESOURCES

Silver Price in Saudi Arabia

Silver Price in Saudi Arabia

current today's silver prices in Saudi Arabia in Saudi Arabian Riyal (SAR) according to the local timezone of Riyadh in addition to the last price of yesterday with calculation of the change percent. This includes silver prices in ounce and gram of all silver karats; carat 99.9 (Pure Silver), carat 95.9 (Britania), carat 92.5 (Sterling Silver), karat 90 (Coin Silver), and karat 80 (Jewellery Silver).

Last update: Saturday 29th October 2011 01:00 am According to the time zone of Riyadh
Note: Silver prices are updated every 6 hours
Silver Unit Common Name Current Price
Saturday 29th October 2011
Previous Price
Friday 28th October 2011
Change Percent
Silver Ounce
132.45 132.13 0.24 %
Silver Gram carat 99.9 999 (Pure Silver) 4.25 4.24
Silver Gram carat 95.8 959 (Britania) 4.08 4.07
Silver Gram carat 92.5 925 (Sterling Silver) 3.94 3.93
Silver Gram carat 90 900 (Coin Silver) 3.83 3.82
Silver Gram carat 80 800 (Jewellery Silver) 3.41 3.40


Saudi Arabia Gold Price breaks are at 1850 dollars per ounce

Saudi Arabia Gold Price breaks are at 1850 dollars per ounce

we see the development of the gold price is very surprising, the price variation that appears around the different price ranges. From the various ranges of latest gold price in the gold market, prices on the position of rest in the range of 1850 dollars per ounce. The definition of price range in which the price break is searched an average diameter between trade and trade top price. From the pull of the value it obtained …

Jasser: Saudi Arabia's central asset is not interested in a difficult or gold 16 Oct 2011 12:31 GMT … and emerging markets. Jasser said that the gold price, which plunged from a record 1 … little attention from the central bank because of the variability. He said: "There is … oil prices above $ 100 a barrel this year jumped the net reserves of the Saudi …US- South Carolina mine sparks mimi-gold rush 16 Oct 2011 06:02 GMT

(MENAFN - Saudi Press Agency) A Canadian mining company and a tiny South … Slate Belt. Strongbow Exploration Inc, also of Vancouver, said this summer that it … ;unprecedented climb into the stratosphere' for gold prices has spurred the eastern development, …
Saudi mining firm Maaden swings to 3Q net profit of $7 million on rising gold prices 11 Oct 2011 10:46 GMT

… to a net profit in the third quarter of the year compared to the same period in … in 2010, Maaden said in a statement on the Saudi stock exchange. Its shares were down … to also include phosphate and bauxite mining. Gold prices have been climbing sharply over …Saudi Mining Firm Maaden Swings to 3Q Net Profit 11 Oct 2011 09:48 GMT

… to a net profit in the third quarter of the year compared to the same period in … gold prices and an increase in sales. Maaden said in a statement on the Saudi stock

to also include phosphate and bauxite mining. Gold prices have been climbing sharply over …
Saudi gold miner shines for investors 10 Oct 2011 16:57 GMT

… to put things right. The increase in the gold price has boosted Ma'aden… Arabian Shield located in the northern region of Saudi Arabia. The company last year … into other areas such as the production of diammonium phosphate fertiliser and aluminium. …
Drop in gold prices prop up visitors at Sharjah jewellery fair 10 Oct 2011 10:15 GMT

… Press) A major fall in gold prices from the recent peak of US$ 1920 an … Nigeria, Norway, Oman, Pakistan, Qatar, Russia, Saudi Arabia, Singapore, Sri Lanka, Syria, … show," said a representative of Jazeera Watches from Saudi Arabia. "The more than …
Rising gold prices sink Middle East marriage hopefuls 29 Sep 2011 06:37 GMT

… few years, but because of high prices, particularly gold, I only managed … in their pockets, with the rising price of gold," said Khamis al-Salehi … like hotcakes. Today that same price would buy you 10 grams … that cost us $30 instead of $600 and we're …
Gold Miner Ventures Into The Zambian, Saudi Copper Projects 23 Sep 2011 02:01 GMT

… This year's steep rise in gold prices has generated plenty … in April, just as copper prices were wrapping an up cycle that … has risen about 27% in 2011. Gold prices are likely to move … Steel. He forecast an average gold price of $2,025 an ounce through …
Global debt woes mean the only way is up for gold prices 30 Aug 2011 10:41 GMT

… has remained relatively constant, it’s that of the gold price. At the time of … it? To your average flinty-eyed investor, gold is exciting — ironically — precisely because it … should attract some investor interest. In Saudi Arabia, state-owned mining fir....READ MORE

Silver Prices Rate in India Today

Silver Prices Rate in India Today

Precious metals zoomed up in the 'Muharat Trading' on the auspicious occasion of Vikram Samvat 2068 today, with Silver advancing by Rs 2,210 per kg to settle at Rs 56,200 and Gold rose by Rs 880 per ten gm to Rs 27,600, a one-month-high. on festival demand by industrial and ornament users in view of bullish trend in global markets, traders at the Bombay Bullion Association said.

During Diwali, consumers consider it auspicious to buy Gold and make an offering to the Gods, which many believe invokes lasting prosperity.

Exactly, a year before on the first day of Vikram Samvat 2067, Silver was at Rs 39,200 and Gold was at Rs 19,920.

Following are the closing rates of spot silver and gold: Silver per kg Rs 56,200 (53,990) Gold 99.5 standard mint Rs 27,600 (26,720) Gold 99.8 pure Gold Rs 27,730 (26,850)


Commodity Last Price Change % Chg Volume High Low Open Interest
E-SILVER 5610.00 -56.50 -1.00 157793 5643.50 5551.00 2004
SLVRKOL2 55146.00 2113.00 3.98 8 55153.00 50917.00 0
SLVRKOL1 50916.00 -2118.00 -3.99 4 55152.00 50915.00 0
CAPSSILVER 52900.00 -159.00 -0.30 4 53199.00 52900.00 4
SLV1KGSLPR 54561.00 0.00 0.00 4 54561.00 54550.00 4

Crude Oil, Oil Or Petroleum Prices In The United States Today

Crude Oil,  Oil Or Petroleum Prices In The United States Today

Historically, crude oil or petroleum prices in the United States have been affected by a variety of global factors. In the beginning of the 20th century, crude oil production began to be controlled by the US government, with restrictions on the amount of production and price to conserve this valuable energy source. Following the Second World War, demand for petroleum could not be met through local production alone, and the US started importing increasing quantities of crude oil.

Up until the 1972 war between Israel and Syria and Egypt, global crude oil prices were fairly stable at about $3 a barrel. An oil embargo by major oil-producing countries in 1973 led to the first steep increase in crude oil prices, to $12 a barrel. Following the Iran revolution of 1979 and the Iran-Iraq war, crude oil prices rose to $35 a barrel by 1981. However, by 1986, the OPEC cartel’s control over global crude oil prices began to falter as member countries exceeded their production limits, dropping prices to around $10 a barrel. Prices gradually rose over the next decade, but the South-East Asian economic crisis of 1998 drove prices down again as demand dropped. Prices rose to $25 a barrel by the end of the 20th century, but a variety of factors, including reduced supply and war, made crude oil prices spiral to $70 a barrel in 2005.

Today, trading in oil futures on the floor of the New York Mercantile Exchange (NYMEX) increasingly drives crude oil prices in the US. Increasing consumption has resulted in increasing dependence on imported crude oil supplies. While futures trading will continue to determine crude oil prices in the foreseeable future, oil conservation and the development of alternative and renewable energy sources are both essential to ensure a stable energy supply and price in the longer term.

Oil Prices provides detailed information on Oil Prices, Crude Oil Prices, Current Oil Prices, Heating Oil Prices and more. Oil Prices is affiliated with Natural Gas Prices.,,,,READMORE

Silver Prices was pleased to slap up 141.4 cents today

Silver Prices was pleased to slap up 141.4 cents today

The SILVER PRICE was pleased to slap the jaws of all its detractors today. The Comex janitor found silver up 141.4 cents or 4.5% (if I'm lying, I'm dying) to 3303.4c.

Somebody who had BADLY missed the message was selling SILVER about 7:00 a.m. and sold down all the way down to 3139c at 10:00 a.m. Quicker than a lightning flash, silver gapped up over 3160c and shot straight to 3230c. It jogged there a little, then shot another 100c straight up to 3320c. In the aftermarket its trading 3317.5c.

The SILVER PRICE is targetting 3400c. Really would not be a good sign for silver to fall much below 3300c, if it expects to keep rising. 3350c is the next big barrier.

This was a great move today, but only brings silver back to resistance at the top of its 5 week trading range. Must move higher tomorrow to confirm its upward ambitions.

Today you are witnessing why you must gird up your loins, swallow hard, and buy SILVER and GOLD on sharp declines -- because the sharp rises will follow. It's a bull market. It has an indefatigable upward bias.

Yesterday I omitted the other point I wanted to make from Michael Lewis' little book, Boomerang. He interviewed Texas hedge fund manager Kyle Bass several years ago. Bass had called the mortgage collapse in the US and made boatloads with Credit Default Swaps -- think, "bets against mortgage backed securities."

But Bass looked at how the 2008 US crisis was handled, and began to realize that a new phase was unfolding: governments were back-stopping the banks. And it has happened in Europe. Of course, it's impossible for them to do that, because the banks' bad assets -- in sovereign debts, derivatives, MBS, you name it -- are so bottomlessly vast no country could pay them. Yet, that's what they're trying to do. This guarantees a massive financial crisis, perhaps a collapse.

When Lewis asked Bass what he would tell his mother to buy under these circumstances, Bass shot back, "Guns and gold." Lewis gave the equivalent of a nervous giggle over that, intensely uncomfortable with that politically incorrect answer. Yet it was coming from a man who had a 100% track record.

Frankly, I get tired sometimes -- tired of pointing out the obvious. I reckon "stating the obvious" is my only talent, and in the land of the blind the one- eyed man is king. Lately I've been remembering that I have no right to get tired, the world just is what it is, and people delude themselves as they will, afraid to look the truth in the eyes. The ones who have ears will hear, and the rest will never hear anything. The music from Washington and Wall Street will keep drowning everything else out, until the music stops.

The deal in Europe is falling apart, and now the Eurocrats have no plan to present at the planned meeting on Wednesday. Bankers don't want to take a 60% haircut on Greek debt, Germans don't want to bail them out. Greed and pride have driven the banks crazy, since they are being offered 40c on the dollar for debt that is realistically worth zero. But I reckon that's why they call them "banks."

Bottom line for us: whether they banks take 40% or 60%, WHERE WILL THE MONEY COME FROM? The ECB will print it, and never mind the transmission mechanism. And more inflation will beget more inflation, and silver and gold will thrive. May take a few more months to materialize into a renewed rally, but 'twill happen -- y'all take the word of a one-eyed, natural born fool from Tennessee on that.

Fears out of Europe today sent stocks down, the dollar and yen up, and goosed gold and silver strongly.

The Dow lost 207 points (1.74%), 2/3 of the previous two days' gains, to close at 11,706.62. S&P500 lost 25.14 or 2% to close at 1,229.05.

Dow's five day chart peaked a bit above 11,900 yesterday, rolled over, and fell out of bed. If 11,700 cannot hold, then 'twill hit 11,400 quicker'n a frog can tongue a fly out of the air.

The Dow has now reached its 200 DMA (11,967), a frequent barrier to bear market rallies. The pattern formed since August, when the Dow fell from the Jaws Of Death, has been ANOTHER broadening or megaphone pattern. Megaphones are burning up buying power, a market wrestling and writhing before it gives up.

Stocks -- a GUARANTEE for your retirement, but y'all had better ask exactly WHAT they guarantee.

US DOLLAR INDEX rose 9.4 basis points (0.12%) to 76.122. You can bet your last sovereign that the NGM from the US and all over the world, along with the Central Bank Yellow Running Dogs, are working like threshing machines trying to keep that dollar from running away. Euro closed 139.02, down 0.19%. Yen made a new all time intraday high at 132.04c/(Y75.73= $1), closed 131.47, and is trying to take off.....RESOURCES

Gold Price Leapt Straight Up to $1,705, Next Resist at $1,725, $1,750 go to $1.800

Gold Price Leapt Straight Up to $1,705, Next Resist at $1,725, $1,750 go to $1.800

WAS an upside down head and shoulders on the GOLD PRICE chart. Once gold cleared that $1,660 neckline about 10:00 a.m. (taking off with a runaway gap) it never even paused until $1,685, took a deep breath, then leapt clean to $1,705. Friends, by the time the janitor pulled out the broom on Comex, the GOLD PRICE had added $48.10 (2.9%) and stood at $1,699.60. In the aftermarket it's shoving against $1,705 resistance.

Y'all see how those government surprise parties can mess with markets? Gold was building a rally anyway, but that goose from the dithering Eurocrats really put power behind it.

Measured target for this rise is $1,715, but as long as that European party is raging, gold can keep on rising. $1,725 stands next resistance, then $1,750, then the big heart-stopper at $1,800.

I still expect we will see another decline for a final kiss goodbye to the September lows (not that the price will reach that far necessarily, only that a double bottom will appear), but for right now y'all don't stand in gold's way, unless y'all want everybody to think you've left the room when you turn sideways.

One last thing: y'all watch that 50DMA, now at $1,742.82. The GOLD PRICE might stop there. Also keep an eye on $1,775, where gold collapsed in September. Gold might reach that point, too....READ MORE

Affecting factors the price of gold on october 2011

Affecting factors the price of gold on october 2011

Affectin factors the price of gold On october 2011 , After a steady climb to a record high of $1920.30 per ounce in September, gold prices plummeted up to 20% from their 2 year high.

However, as the day wears on, gold is gearing up for its third consecutive rise in as many days. Influencing factors on gold’s rising prices are outlined in-depth on both Forbes’ website, as well as Reuters, but the main factors affecting the price of gold today can be boiled down to three things.

European Union Economics
The leaders of the EU are scheduled to meet tomorrow to attempt to resolve the spreading debt crisis within the euro zone. Plans tentatively include increasing the euro zone’s bail out fund to over 1 trillion euros ($1.39 billion) as well as recapitalizing major European banks and lightening Greece’s debt load through write-offs. The markets are skittish to give their total confidence to a resolution, and this has gold on the rise.

As ANZ’s head of metal sales Peter Hillyard told Reuters, “I believe the gold price will be higher based on what I think will be a failure to resolve, in a satisfactory way, all of the euro zone problems and so on…I’d rather be long of gold than short of it.”.... READ MORE

crude oil price fell on Thursday

crude oil price fell on Thursday

U.S. crude oil price fell on Thursday as U.S. economic data came in mixed, but Brent crude rose ahead of a European summit on Sunday.

U.S. sales of existing homes dropped 3 percent in September, offsetting the positive news that U.S. initial jobless claims fell 6,000 last week and factory activity in the U.S. Mid-Atlantic region rebounded, according to data from the National Association of Realtors.

And in Libya, former leader Muammar Gaddafi was confirmed to be killed, which made analysts believe that the long-time disruption of oil production in Libya would come to an end. But some experts also thought there would still be challenges for Libya to restore stability and full oil production.

But Brent crude rose amid hopes for a positive outcome at Sunday's EU summit. French and German leaders announced that the summit would continue to address the bloc's debt problems and another meeting would be held before Wednesday.

Light, sweet crude for November delivery fell 81 cents, or 0.94 percent to settle at 85.30 dollars a barrel on the New York Mercantile Exchange. But in London, Brent crude for December delivery rose 1.38 dollars, or 1.27 percent to close at 109.77 dollars a barrel...RESOURCES

Gold falls for third straight day

Gold falls for third straight day

Gold prices fell for the third straight day Wednesday. Gold has now lost all of the ground gained in this month’s rally.

Gold for December delivery fell $5.80, less than 1 percent, to settle at $1,647 an ounce. That’s the first time gold closed below $1,650 an ounce since Oct. 7.

Gold hit a record high of $1,891.90 in late August. Prices began to fall after that on worries that gold had risen too high.

Gold prices rebounded this month on worries about inflation. Traders thought a big stimulus plan in Europe would make currencies less valuable. Investors often buy gold as protection against inflation. Doubts about a big European bailout have grown this week. That boosted the dollar against the euro over the last two days.

The leaders of the IMF, Germany, France, and the European Central Bank are preparing for a crucial summit this weekend to shape a rescue package for European banks and heavily indebted countries like Greece.

Expectations about what the summit will produce are changing rapidly. Retiring European Central Bank President Jean-Claude Trichet said the euro zone’s debt crisis requires “immediate action” in coming days. But earlier this week, a spokesman for German Chancellor Angela Merkel said a full-scale solution could take months to craft....READ MORE

Gold Prices Slide Down 0.35%; Investors Depend Ahead of EU Summit

Gold Prices Slide Down 0.35%; Investors Depend Ahead of EU Summit

Gold prices slide, sagged and slipped Wednesday - everything but move decisively -- as investors wearied of the market's rumor-driven mood swings over Europe's future.

The latest rumor came from Britain's Guardian newspaper, which said France and Germany agreed on dramatically increasing Europe's bailout fund.

Stock investors promptly regained hope and bid up equities. Official denials quickly followed and, predictably, stocks fell as hope faded again.

"Our view is that the market follows the news in quite an irrational way and any headline that says 'We are going to be doing something more' causes a huge rally in equities and a sell-off in (German bonds) when actually nothing has really changed," Lyn Graham-Taylor, rate strategist at Rabobank, told Reuters.

The month-long cycle of optimism and pessimism over whether or not European leaders can stop sovereign debt defaults and save their banks is wearying investors.....READ MORE

Gold prices may trade higher today

Gold, Silver, prices may trade higher today

Gold Prices declined around 0.8 percent in yesterday’s trading session, touching an intra-day low of $1626/oz and closed at the level of $1654/oz. However, further decline was cushioned on account of escalating worries over Europe’s debt concerns after Moody’s cut Spain’s credit rating on Tuesday. On the MCX, Gold December contract slipped almost 1 percent and touched an intra-day low of Rs26, 273/10 gms yesterday.

Silver Spot silver gained around 1 percent on Tuesday on the back of choppy sentiments in the global financial markets which increased demand for silver. The white metal hit an intra-day high of $32.32/oz and ended its trading session above the level of $32/oz yesterday. MCX Silver December contract traded higher by 0.8 and touched an intra-day high of Rs53,450/kg on Tuesday....READ MORE

Gold Prices Continue To Rise on Hold by US Dollar

Gold Prices Continue To Rise on Hold by US Dollar

As the aftermath of multiple bank stimuli continue to work their way through the financial system, gold prices continue to rise to unprecedented heights in anticipation of massive inflation.

As gold prices continue to increase to record highs, many financial experts are recommending that their clients get into annuities, especially annuities that have a basket of recession proof commodities and stocks like gold

The Federal Reserve is widely seen as artificially holding down inflation to prevent commodity prices from going up in a time of recession, and gold has historically been seen as a hedge against a falling dollar. The dollar seems primed to fall when the Federal Reserve lets up on its “quantitative easing” program, according to most financial experts.....READ MORE

Gold Prices May Double Over Next Five Years

Gold Prices May Double Over Next Five Years

Holmes Says Gold Prices May Double Over Next Five Years ,Oct. 18 (Bloomberg) -- Frank Holmes, chief executive officer of U.S. Global Investors Inc., talks about the outlook for gold prices and his investment strategy. He speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg) (Bloomberg)...READ ALL MORE

Gold Peak in 2013, but No “Sharp Fall Thereafter”

Gold Peak in 2013, but No “Sharp Fall Thereafter”
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

BNP Paribas sees the price of gold peaking in 2013, but does not see a “sharp fall thereafter.” In a report published on Thursday, the firm lowered its 2011-2013 forecasts to in part reflect the yellow metal’s recent weakness. “After trading sideways in June, gold rallied sharply through July and August,” strategists led by Anne-Laure ...READ MORE

Gold Futures Post 2.8%, Silver Surges 3.8% Weekly Gain

Gold Futures Post 2.8%, Silver Surges 3.8% Weekly Gain
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Gold futures climbed Friday on the heels of another broad-based rally in the commodities complex. COMEX gold futures for December 2011 delivery advanced $14.50, or 0.9%, to settle at $1,683.00 per ounce. For the week, gold futures finished higher by 2.8% and posted their first back-to-back weekly gains since mid-August. Silver futures outperformed gold, both ....READ MORE

Gold Price Rebounds to $1,680 on Friday Markets

Gold Price Rebounds to $1,680 on Friday Markets
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

The gold price rebounded Friday morning, gaining $12.47 to $1,680.54 per ounce in spite of a better than expected report on U.S. retail sales. Silver climbed alongside the price of gold, advancing 1.9% to $32.42 per ounce. Strength in gold and silver prices was fueled by modest weakness in the U.S. dollar, which lost 0.3% against a basket of the world’s leading currencies.

Gold prices moved higher overnight and maintained their gains after the Commerce Department reported that retail sales rose by 1.1% in September. The increase exceeded the 0.7% consensus estimate among economists and marked the largest increase in seven months. Additionally, retail sales in August were revised higher to 0.3%....READ MORE

Gold Price – India 15-Oct-2011

Gold Price – India 15-Oct-2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Jewelery Gold Price – India Sat, 15-Oct-2011 IST [1 USD = Rs. 49.02]
24 K 22 K 20 K 18 K 16
Gold(Rs./g) Rs. 2673.89
Rs. 2451.07
Rs. 2228.24
Rs. 2005.42
Rs. 1782.59
Gold Silver Platinum        Palladium       
USD/g $ 53.52 $ 1.02 $ 49.19 $ 19.03
Rs./g Rs. 2623.62 Rs. 49.79 Rs. 2411.33 Rs. 933.01
USD/oz $ 1664.7 $ 31.59 $ 1530 $ 592
Rs./oz Rs. 81603.76 Rs. 1548.54 Rs. 75000.75 Rs. 29019.9
Charts .....READ MORE HERE

International Gold Rates in Pakistan

International Gold Rates in Pakistan
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Gold Rates in Pakistan - Find Today's current Gold rates in Pakistan and it major cities like Karachi, Lahore, and Islamabad. Finance offers live online Bullion prices (24K gold bullion rates) of Pakistan in Pakistani Rupees, US Dollars and other major currencies in per once and per tola. Here you can also find gold price chart and current silver rates (silver bullion prices) along with international goldrates.

Gold and Silver Rates in Pakistan:
City Gold Silver
24K 10 Grams 24K Per Tola 22K 10 Grams 10 Grams
Karachi Rs. 47,571.00 Rs. 55,500.00 Rs. 43,607.00 Rs. 942.85
Hyderabad Rs. 0.00 Rs. 0.00 Rs. 0.00 Rs. 0.00
Lahore Rs. 47,571.00 Rs. 55,500.00 Rs. 43,607.00 Rs. 942.85
Multan Rs. 47,571.00 Rs. 55,500.00 Rs. 43,607.00 Rs. 942.85
Islamabad Rs. 47,571.00 Rs. 55,500.00 Rs. 43,607.00 Rs. 942.85
Faisalabad Rs. 0.00 Rs. 0.00 Rs. 0.00 Rs. 0.00
Rawalpindi Rs. 47,571.00 Rs. 55,500.00 Rs. 43,607.00 Rs. 942.85
Quetta Rs. 0.00 Rs. 0.00 Rs. 0.00 Rs. 0.00
Last Updated: Friday 14,2011 (Source: Karachi Saraf Jewellers Association)....READ MORE

Gold Prices Finish Week 2.5% Higher Trend Prices

Gold Prices Finish Week 2.5% Higher Trend Prices
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Gold prices finished the week up a robust 2.5 percent on brighter prospects for developed economies and increasing purchases from Asian buyers.
The Commerce Department issued a surprisingly strong retail sales report for September, sales of Apple's new iPhone were torrid and Google led the stock market higher after a stellar third-quarter earnings report. The Dow Jones Industrial Average ended the day up 1.45 percent and the S&P 500 closed higher by 1.74 percent.

In Europe investors took heart from a two-day meeting of financial leaders from the world's 20 biggest economies. Officials were focused on saving European banks and preventing sovereign debt defaults. ....READ MORE

FMX Gold Options Report – October 14, 2011

FMX Gold Options Report – October 14, 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Market Recap:
Gold rallied on Friday, drawing on a well-spring of European optimism to lift itself higher. The dollar index was also weaker. The afore-mentioned optimism is contingent on a productive G20 meeting early November, but member states have all ready started to hammer out the details. The ESFS has also been approved for additional funding by the EU. While it is still a little early to rate the overall efficacy of the new plan, the early response has been positive. We are curious to see how current expectations will carry over to next week.

Directional Commentary:
Options: Options temperament was essentially unchanged on Friday. Volatility contracted, and calls were offered cheaper across the term structure. While the call selling is not being accompanied by put buying, options sentiment is still somewhat bearish. Even if the market rallies, it is likely be orderly and volatility is likely to underperform. We expect volatility will be bid again during a sell-off. Conclusion: Somewhat Bearish

Technical: December gold drifted higher on Friday, but still fell short of the weekly high on Wednesday. Yesterday we noted the formation of an ascending wedge, a bearish continuation pattern, and gold remains between the two trend lines...READ MORE

Survey Participants See Higher Prices For Gold Next Week

Survey Participants See Higher Prices For Gold Next Week
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Most participants in Kitco News’ weekly Gold Survey expect to see higher gold prices next week, suggesting seasonal trends and a better sentiment regarding the U.S. and the European Union will support prices.

In the Kitco News Gold Survey, out of 34 participants, 25 responded this week. Of those 25 participants, 21 see prices up, while three see prices down and one sees prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts

Several of the participants who see higher prices said stabilization for the near-term in Europe, now that Slovakia passed the European Financial Stability Facility, and better-than-expected economic data are allowing the U.S. dollar to retreat and gold to trade as a “risk-on” asset.

Also, several pointed out that Indian festivals are getting underway and they expect buying from that nation to be a price support, particularly on any breaks in value.

Those who see weaker prices said the rally in the stock market – which has also enabled gold to rise – is getting out of hand. If stocks stumble, the gold will trip and prices could sink. Others pointed out the lackluster volume in gold futures as a sign that the metal’s price could have trouble climbing unless new buyers step in.

Another participant pointed out that gold seems to be range-bound, finding support around $1,650 and resistance around $1,700. Unless the market can find some news or event to allow it to break out from those boundaries, gold could just be stuck in a $50 range.....READ MORE

Oil Prices Rising Strong After OPEC Trims Demand Forecasting

Oil Prices Rising Strong After OPEC Trims Demand Forecasting
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Oil prices wavered Tuesday after OPEC cut its estimate for world oil demand for this year and said it expects no growth in demand for 2012.

After falling in early trading, benchmark crude rose 40 cents to finish at $85.81 per barrel in New York. Brent crude, used to price many international kids of oil, rose $1.40 to end at $108.05 a barrel in London.

Oil prices have risen for six straight days as fears that the world economy is headed toward a recession began to ease. Also, hopes are rising that Europe is taking steps to resolve its debt crisis.

In morning trading, a lower demand forecast for oil from OPEC pushed prices slightly lower, but oil later reversed course and rose slightly, along with the stock market.

"The stock market has been leading oil prices around by the nose," said Walter Zimmerman, an analyst at ICAP.

The stock market is being used by oil traders to gauge economic hopes, Zimmerman said. "The only fundamentals that apply to oil are economic expectations and currency trends," he said. "Nothing else seems to matter."

OPEC said Tuesday that a weak world economy was taking its toll on oil demand, especially in developed nations. When the economy slows, demand for oil falls because drivers buy less gasoline, shippers buy less diesel and jet fuel, and travelers stay home.

The Organization of Petroleum Exporting Countries said demand will be about 180,000 barrels per day less than it forecast for 2011 and 100,000 barrels per day less than forecast for 2012.

That would still be a record for world oil consumption, though, at just over 88 million barrels per day, for 2011. Oil demand in developed nations has been flat or declining, but demand from the developing economies of Asia has been pushing world oil consumption higher.

OPEC said policies in China and India to curb growing oil consumption will lead to lower demand in those countries than originally forecast.

OPEC, which produces about a third of the world's oil, imposes production quotas on its 12 member nations in an effort to keep oil prices stable. It adjusts production up if demand rises, and cuts production if demand falls in an effort to keep prices up.

Rich Ilczyszyn, Senior Market Strategist at MF Global, expects oil prices will rise or fall with the stock market in coming weeks. He does not expect the price to fall below $75 per barrel or to rise much beyond $90 per barrel. Crude has stayed in that range for the last two months.

In other energy trading, heating oil was virtually unchanged at $2.9041 per gallon and gasoline futures rose 5.23 cents to finish at $2.7476 per gallon. Natural gas futures increased by 7.5 cents to end the day at $3.616 per 1,000 cubic feet...READ MORE RESOURCES

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