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Tuesday, August 12, 2008

News You Can Use for Tuesday

Here's what I'm reading today ...


OPEC May Consider Supply Cut as Oil Stockpiles Rise, Iran Says
Oil prices are falling because of an oversupply of crude, and OPEC may consider cutting production at its September meeting to achieve a supply-demand balance while maintaining sufficient excess capacity, Iran's OPEC governor said.

IEA Raises Forecast for 2009 World Oil Demand; China Consumption May Gain
The International Energy Agency, an adviser to 27 nations, raised its forecast for global oil demand next year and said it expects Chinese oil consumption to rise after the Olympic Games. The IEA increased its forecast by 70,000 barrels to 87.8 million barrels a day, the Paris-based agency said today in its monthly report.


Corn-Crop Estimate Raised by USDA, Topping Estimates as Flood Damage Eases The U.S. corn crop will be 4.9 percent larger than forecast a month ago, the government said, after favorable weather helped Midwest crops recover from the worst flooding in 15 years.


U.S. Trade Deficit Unexpectedly Narrows as Exports Grow Most in Four Years The U.S. trade deficit unexpectedly narrowed in June as the biggest jump in exports in more than four years overcame record imports of petroleum.

One-Third of U.S. Homeowners Owe More Than Houses Are Worth, Zillow Says Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to, an Internet provider of home valuations.


China Inflation Cools for Third Month, Allowing Measures to Boost Economy China's inflation cooled to the slowest pace in 10 months, giving the government more room to restrain the yuan's advance and bolster economic growth.

India Industrial Output Growth Accelerated to 5.4% India's industrial production growth accelerated in June, before higher interest rates had a chance to crimp consumer spending.

India's Gold Imports May Recover as Price Slump Lures Jewelers India, the world's biggest buyer of bullion, may increase imports for the first time in 11 months as the lowest price this year lures buyers. Purchases may rise as jewelers rebuild inventories before the festival season starts later this month, said Suresh Hundia, president of the Bombay Bullion Association Ltd. Imports more than halved in the 10 months ended July 31 from a year ago as record prices cooled jewelry demand, he said.

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