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OIL PRICES RETREAT AFTER RECORD GAINS

AFP, London

Oil prices fell yesterday but held most of the previous day's record gains that were fuelled by an attack on Saudi facilities that wiped out half the country's crude output.

Traders were nervously awaiting further US response after it said Iran was likely to blame. The crisis revived fears of a conflict in the tinderbox Gulf region and raised questions about the security of crude fields in the world's top exporter

Saudi Arabia as well as other producers.

It has also taken attention away from the upcoming trade talks between China and the US, as well as a much-anticipated policy meeting of the Federal Reserve, which is expected to cut interest rates Wednesday.

"Oil prices have settled in the wake of Monday's 20-percent spike caused by a drone attack on a major Saudi Arabian refinery but (shares in) oil companies and utilities continue to trade higher," noted Fiona Cincotta, senior market analyst at City Index trading group.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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