Monday, November 17, 2008

Oil prices increase modestly today

Crude-oil futures are climbing above $58 a barrel this morning based on the Federal Reserve's report that industrial output from US factories, mines and utilities increased in October, moderating September's sharp losses.  Industrial production in October increased 1.3% recovering at least a third of the 3.7% loss in September, which remains the biggest decline in 60 years. September's losses were due in part to the fact that fierce hurricanes in the Gulf shut down oil drilling, oil refining and chemical production.

Climate Change, Economics, Energy, Governance/Management, International, Sustainability | Permalink

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