Iranian tensions may push oil prices higher

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Source: Commodityonline

NYMEX crude oil is trading near $100/bbl as tensions between Iran and Western economies increased. Iran has run series of navy exercises to demonstrate military strength to the EU and US. Earlier western economies warned about serious consequences Iran will face if it does not stop its nuclear programme while Iran answered it would completely block Strait of Hormuz in case of any action against Iran.

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Tue, 27 Dec 2011 14:14:41 GMT

Petroplus shares dropped by 40% following $1bn freeze of the credit

Petroplus Holdings announced its creditors have frozen $1bn of the company's credit facilities. After the announcement Petroplus share price declined by 40%, losing 83% since the beginning of 2011. The company reported $147 million loss in Q3 as demand for oil products weakened on the dismal economic outlook. The company plans to cut its production by 24% next year.

Tue, 27 Dec 2011 14:12:51 GMT

Italy retailers said to have worst Christmas in last decade

Italian retailers experienced the worst Christmas in last 10 years, as approved austerity measures curbed household spending, reported Codacons consumer group. Italians spent on average €48 or $62.75 less per individual than in corresponding period during last five years. Clothing and shoe sector was harmed the most, giving up 30% of sales compared to previous holiday seasons.

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