Oil, Gold & Dollar

Today,owing to decrease in US crude oil reserves, oil prices increase to 90$ globally!!

In its weekly petroleum report, the Energy Department's Energy Information Administration said crude supplies dropped by 5.3 million barrels last week from the week before. That's more than twice the decline expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. 

In Quito earlier this month, OPEC Secretary-General Abdulla El-Badri said OPEC would base any change in policy on fundamentals of supply and demand, rather than price alone.

"If it goes to $100 due to speculation, OPEC will not move," EL-Badri said.

It has also impacted gold price which has risen as it provide means for alternative investment. Thus shortage of oil , resulted in hiking of oil prices and people shifting towards more stable com-oddities as gold and silver.
The rate of demand growth next year has been pegged at 1.5 million bpd, a Reuters poll showed, only half the 2004 peak, according to data from the International Energy Agency, of 3 million bpd.