Skip to content


Oil plunges on strong dollar, profit taking

World oil prices sank in volatile year-end deals on Wednesday, as traders took profits and eyed the strong dollar, new concerns over the eurozone debt crisis and fresh equity falls on Wall Street.

New York’s main contract, light sweet crude for February delivery, known as West Texas Intermediate (WTI), sank $1.98 to $99.36 a barrel.

Brent North Sea crude for February dived $2.16 to $107.11 in volatile late afternoon London trade, ahead of the New Year holiday break.

The European single currency tumbled on Wednesday close to a one-year low, as investors fretted over the eurozone crisis on the eve of Italy’s second bond auctionwithin just two days.

In late afternoon deals, the euro slumped to $1.2941 — which was the lowest point since January 11. It later pulled back slightly.

The stronger greenback makes dollar-denominated crude more expensive for buyers using weaker currencies, like the euro, and this tends to dampen oil demand and prices.

Crude futures also tumbled as Wall Street fell in early deals, snapping a five-day winning streak, with traders uninspired by troubled Italy’s garnering of lower rates in its newest bond auction.

Italy clinched an auction of 9.0 billion euros ($11.8 billion) in six-month bonds at low rates.

But news that eurozone banks deposited a record amount of overnight funds at the European Central Bank on Tuesday showed there were still deep tensions in the single-currency zone.

The oil market also pulled lower as many traders opted to cash in recent gains that were sparked by heightened tensions over key crude producing nation Iran.

Crude futures had rallied on Tuesday after Iran warned that it will try to close the vital Strait of Hormuz in response to further Western sanctions.

However, those concerns have since eased.

“Shutting down the strait… is the last bullet that Iran has and therefore we have to express some doubt that they would do this and at the same time lose their support from China and Russia,” said Petromatrix analyst Olivier Jakob.

The United States warned Iran on Wednesday against any attempt to disrupt shipping in the Strait of Hormuz, after Tehran issued threats over the vital oil route.

“Interference with the transit… of vessels through the Strait of Hormuz will not be tolerated,” said Pentagon press secretary George Little, adding that there had been no sign of hostile action by Iran in the area.

Iranian Vice President Mohammad Reza Rahimi made his threat Tuesday as Tehran conducted naval war games near the Strait of Hormuz, at the entrance of the oil-rich Gulf where 40 percent of the world’s oil transits.

“If sanctions are adopted against Iranian oil, not a drop of oil will pass through the Strait of Hormuz,” Rahimi was quoted as saying by the state news agency IRNA.

“We have no desire for hostilities or violence… but the West doesn’t want to go back on its plan” to impose sanctions, he said.

Several Western states are considering oil sanctions against Iran over its nuclear programme, accusing it of seeking to develop nuclear weapons.

The strait links the Gulf, bordered by petroleum-rich states such as Bahrain, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates, with Oman.

Related Posts with Thumbnails

Posted in Finance & Economics, Middle East.

Tagged with , , , , , .


0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.



Some HTML is OK

or, reply to this post via trackback.

Support #altnews & keep Dark Politricks alive

Remember I told you over 5 years ago that they would be trying to shut down sites and YouTube channels that are not promoting the "Official" view. Well it's all happening now big time. Peoples Channels get no money from YouTube any more and Google is being fishy with their AdSense giving money for some clicks but not others. The time is here, it's not "Obama's Internet Cut Off Switch" it's "Trumps Sell Everyones Internet Dirty Laundry Garage Sale". This site must be on some list at GCHQ/NSA as my AdSense revenue which I rely on has gone down by a third. Either people are not helping out by visiting sponsors sanymore or I am being blackballed like many YouTube sites.

It's not just Google/YouTube defunding altenative chanels (mine was shut), but Facebook is also removing content, shutting pages, profiles and groups and removing funds from #altnews that way as well. I was recently kicked off FB and had a page "unpublished" with no reason given. If you don't know already all Facebooks Private Messages and Secret Groups are still analysed and checked for words related to drugs, sex, war etc against their own TOS. Personally I know there are undercover Irish police moving from group to group cloning peoples accounts and getting people booted. Worse than that I know some people in prison now for the content they had on their "secret private group". Use Telegrams secret chat mode to chat on, or if you prefer Wickr. If you really need to, buy a dumb phone with nothing for the NSA/GCHQ to hack into. Ensure it has no GPS tracking on it and that the battery can be removed. These are usually built for old people to get used to technology storing only a set of numbers to call. However they have no games, applications to install or other ways people can exploit the computer tracking device you carry round with you most of the day - your smart phone. If you are paranoid ensure that you can remove the battery when travelling around and do so to prevent GPS tracking or phone mast triangulation. Even with your phone in Flight mode or turned off, it can be turned on remotely and any features like front or back cameras, microphones and keylogging software can be installed to trace you.

So if your not supporting this site already which brings you news from the Left to the Right (really the same war mongering rubbish) then I could REALLY do with some..

Even if it's just £5 or tick the monthly subscription box and throw a few pound my way each month, it will be much appreciated. Read on to find out why.

Why?

Any support to keep this site would be appreciated. You could set up a monthly subscription for £2 like some people do or you could pay a one off donation as a gift.
I am not asking you to pay me for other people's articles, this is a clearing house as well as place to put my own views out into the world. I am asking for help to write more articles like my recent false flag gas attack to get WWIII started in Syria, and Trump away from Putin. Hopefully a few missiles won't mean a WikiLeaks release of that infamous video Trump apparently made in a Russian bedroom with Prostitutes. Also please note that this article was written just an hour after the papers came out, and I always come back and update them.

If you want to read JUST my own articles then use the top menu I have written hundreds of articles for this site and I host numerous amounts of material that has seen me the victim of hacks, DOS plus I have been kicked off multiple hosting companies, free blogging sites, and I have even had threats to cease and desist from the US armed forces. Therefore I have to pay for my own server which is NOT cheap. The more people who read these article on this site the more it costs me so some support would be much appreciated.

I have backups of removed reports shown, then taken down after pressure, that show collusion between nations and the media. I have the full redacted 28/29 pages from the 9.11 commission on the site which seems to have been forgotten about as we help Saudi Arabia bomb Yemeni kids hiding in the rubble with white phosphorus, an illegal weaapon. One that the Israeli's even used when they bombed the UN compound in Gaza during Operation Cast Lead. We complain about Syrian troops (US Controlled ISIS) using chemical weapons to kill "beautiful babies". I suppose all those babies we kill in Iraq, Yemen, Somalia and Syria are just not beautiful enough for Trumps beautiful baby ratio. Plus we kill about 100 times as many as ISIS or the Syrian army have managed by a factor of about 1000 to 1.

I also have a backup of the FOX News series that looked into Israeli connections to 9.11. Obviously FOX removed that as soon as AIPAC, ADL and the rest of the Hasbra brigade protested.

I also have a copy of the the original Liberal Democrats Freedom Bill which was quickly and quietly removed from their site once they enacted and replaced with some watered down rubbish instead once they got into power. No change to police tactics, protesting or our unfair extradition treaty with the USA but we did get a stop to being clamped on private land instead of the mny great ideas in the original.

So ANY support to keep this site running would be much appreciated! I don't have much money after leaving my job and it is a choice between shutting the server or selling the domain or paying a lot of money just so I can show this material.

Material like the FSB Bombings that put Putin in power or the Google no 1 spot when you search for protecting yourself from UK Police with "how to give a no comment interview". If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks per visit is all it takes to help keep the servers running and tag any tweets with alternative news from the mainstream with the #altnews hashtag I created to keep it alive!

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation. Especially if you have a few quid sitting in your PayPal account doing nothing useful. Why not do a monthly subscription for less money instead. Will you really notice £5 a month?



css.php