Recent oil price according to Nymex.com is now at $127.63 per barrel (1331hrs 23th July 2008). But by looking to the chart, the price is still not stable enough. There are times when the price goes up to $132 per barrel. This shows that the oil market is unpredictable. Although it is still low comparing to record high $147 per barrel few weeks ago. Every little speculations will affect the market price. As an example, when the Chairman of the Federal Reserve, Ben Bernanke made a statement that in the US, something called “Demand Destruction” happened, where the Americans decreasing and declining the use of fossil fuel energy since the increasing price of the oil. An hour after he made that statement, the oil price decreased by $8. That’s a lot at that time, the highest downturn of oil price since Iraq’s war. The figure of $19.37 may not sounds much for certain people, but that is actually a really big sum of money involved in the stock market.By the looks of it, I do think that the Malaysian government can reduce the oil price by few cents. I think that 20cent till 30cent decreased of oil price in Malaysia won’t do any harm. So let’s hope that the oil price will keep decreasing until below $100 per barrel.
p/s=minyak turun tp kat akhbar dan tv arus perdana tak kuar plak.minyak naik kuar lak berita.fikir2kan sapa yg menggunakan hasil rakyat!!