Oil dropped around world new new energy needed

Oil dropped around world new new energy needed

Just now, I read an piece of news, which is about oil price. It is an issue we all concered about for long time. It reported that oil dropped for a seventh day, the longest run of declines in more than two years, after Saudi Arabian crude output rose to close to a 31-year high and money managers reduced bullish bets on the commodity.Wherease, the oil price declined will certainly influence the machinery industry.
Crude for June delivery decreased as much as 64 cents to $90.84 a barrel in electronic trading on the New York Mercantile Exchange, and was at $91.13 at 9:23 a.m. Sydney time. It fell 1.2 percent on May 18 to $91.48, the lowest close since Oct. 26. The more-actively traded July contract slid 37 cents to $91.43. Front-month prices are 7.8 percent lower this year. The seven- day losing streak is the longest since December 2009.
Brent oil for July settlement was at $106.80 a barrel, down 34 cents, on the London-based ICE Futures Europe exchange. The front-month price for the European benchmark contract was at a premium to West Texas Intermediate of $15.33.
Oil may be an bet, The Joint Organization Data Initiative, or JODI, is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments. The IEF, a group of nations accounting for more than 90 percent of global oil and natural-gas supply and demand, was established as a forum for producing and consuming countries to discuss energy security.
Money managers cut net-long positions on New York crude by 6 percent to 139,182 contracts in the seven days ended May 15, according to the Commodity Futures Trading Commission’s Commitments of Traders report on May 18.
Futures slid as much as 0.7 percent after dropping for a third week in the period ended May 18.Saudi Arabia boosted daily output to 9.923 million barrels in March, the second- highest level since at least 1980 and more than Russia for the first time in six years, according to the Joint Organization Data Initiative. Funds reduced oil wagers to the lowest level since September 2010. Crude has slipped 13 percent this month amid concern that Europe’s debt crisis may worsen, curbing economic growth and fuel demand.
Now the Europe's debt crisis and oil price decline will lead to industry a low development. In Asia, the construction has low growth, which is also effected by country policy. But any way, ball mill and mobile crushing station is undergoing depression period.