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This week it is the turn of Saudi King to opine that the Crude oil prices are likely to stay firm due to high demand , and he said that oil consuming countries must reduce their local taxes and levies if they are really serious about reducing the burden on common man. This has sent the crude oil cruising past the all time high of 144 dollars yesterday.
World over the gas prices which are still at a steep discount to the crude oil prices might catch up in coming months as winter season approaches.

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The Indian stock market hit their all time lows of below 14000 points only yesterday. Today they rebound with a vengeance with over 700 points rally which makes it the highest single day gain in the last five months. Analysts were saying that this rebound is only due to the short covering and the downside is still there to continue for few months.

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Barak Obama has matured into a shrewd politician very quickly. After taking Hillary Clinton into his side and making her seek votes for him, he has now broken the ice with Bill Clinton and had a lengthy telephone conversation with him. Experts feel that more open support from Bill Clinton is likely for Barak Obama in days to come, which will help him in his dream to occupy the US President post shortly.

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The wild forest fire in Northern California has been raging for the last several days in spite of efforts by the local authorities. The fire has already destroyed greeneries and houses in the area covering around 500 square miles and authorities are fearing more damages in the next few days and have evacuated people nearby to safer places. Efforts are on to stop the fire from spreading further.

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Crude oil touched 144 dollars yesterday due to the increasing tension between US & Israel with Iran, and also due to the continued high demand for crude oil. The OPEC chief comment few days back to French media that the crude oil will touch 170 dollars shortly only added to the upward pressure. Most of the world economies are expected to get into recession mode due to the high fuel oil prices.