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Friday, November 09, 2007

News You Can Use for Friday

Rising Demand for Oil Provokes New Energy Crisis

With oil prices approaching the symbolic threshold of $100 a barrel, the world is headed toward its third energy shock in a generation. But today’s surge is fundamentally different from the previous oil crises, with broad and longer-lasting global implications.
At the root of the stunning rise in the price of oil, up 56 percent this year and 365 percent in a decade, is a positive development: an unprecedented boom in the world economy.

India’s Solution for Oil Prices: Ban Speculation by Banning Trading
What analysts cannot agree on is how much of the increase is attributable to the investors — estimates vary from $10 a barrel to over $30 a barrel — and what, if anything, should be done about it.

Yuan Heads for Biggest Weekly Gain Since End of Peg After Paulson Speech The yuan had the biggest weekly advance against the dollar in two years, after U.S. Treasury Secretary Henry Paulson said China is ``out of step'' with the rest of the world's calls for faster appreciation.

Wheat Set for Sixth Weekly Loss as U.S. Export Sales Fall on Cancellations
Wheat declined for a third day and is poised for a sixth straight weekly drop, the longest losing streak in more than three years, after some countries that bought U.S. supplies at near-record highs canceled their orders.

Mining Stocks Surge on Speculation BHP Offer For Rio Will Spur More Bids
Fortescue Metals Group Ltd., building a A$2.6 billion ($2.4 billion) iron ore project, led Australian mining stocks higher on speculation BHP Billiton Ltd.'s approach to buy Rio Tinto Group may fuel more takeovers.
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