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Finance Tid Bits
And The Oil Saga Goes On...
7th November 2007
Friends, remember that in an earlier post I mentioned that whatever goes on in the economy has a direct or indirect effect on your personal finances? How? Well, as you may have noticed, the recent hike in oil prices per barrel resulted in increases in the price of gas at the pump for motorists and an increase in airfare for some airlines. Recent developments affected the oil prices and I'm going to briefly fill you in on what's been going on.
Oil prices had fallen on Thursday but then picked up again on Friday after President G.W. Bush made a few announcements. President Bush outlined a plan to avoid interest-rate hikes on mortgages. The following is a an excerpt taken from a report from CNBC:
Oil hovered near $90 a barrel on Friday, searching for direction amid conflicting concerns over supply tightness and weak demand growth from a slowing U.S. economy, the world's top oil consumer.
Oil has been very volatile much of this week, plunging and recovering sharply often during the course of a single trading session. It fell to a six-week low early on Thursday, but before the end of the session it recovered to settle 3 percent higher.
U.S. President George W. Bush on Thursday unveiled a plan to bail out troubled homeowners by freezing rate increases on adjustable-rate subprime mortgages for five years, seen broadly supportive for oil demand as it could prevent a crash in house prices that would risk driving the U.S. economy into recession.
So if you are planning on buying a home then as you can see the plan to freeze interest rates comes as an advantage to you because your repayments will not be so high and this move will also save you if you are in trouble and facing foreclosure, I hope. A little relief as the weekend begins, remember to keep yourself up to date with the happenings in the world of finance and economic news it can make difference for your personal finance.
"The importance of money flows from it being a link between the present and the future. " - John Maynard Keynes
Comments (13):
Masauso Says: It's funny how most people don't pay attention to the business and finance section of the papers I see it with my own friends and colleagues | 12.07.2007 |
Josh Says: Most people don't realize that what happens in the economy affects them | 12.07.2007 |
Brenda Says: Sometimes we are too busy trying to make ends meet to pay attention to the business section of the papers although we should | 12.07.2007 |
Lisa Says: I still believe those oil prices will get to the $100 mark before they really come down | 12.07.2007 |
Chris Says: It's good to see the US dollar gaining because it had fallen pretty bad earlier this week | 12.07.2007 |
Levy Says: For those trading in currencies I think now would be a good time to start buying other currencies than the U.S. because I think as long as the current regime is in place the dollar is still going to fall | 12.07.2007 |
Tracey Says: I agree that the dollar looks like it will still fall and that the strengthening today is temporary because it seems investors are still nervous | 12.07.2007 |
Frank Says: I read the article further and there is still a report to be released next Friday so I think the dollar strength is also temporary | 12.07.2007 |
Kyle Says: The price of oil will go through the $100 a barrel ceiling since OPEC decided to keep the supply unchanged | 12.07.2007 |
Phil Says: The average person doesn't see the need to keep informed about the economy because of the lack of financial literacy to start with. But I agree it all affects us one way or another | 12.07.2007 |
Henry Says: The fact that the economy is part of finance, it affects our personal finance whether we are aware of it or not. Good post thanks Kev | 12.07.2007 |
Ted Says: Global markets gained in the last two days but there is still a nervous investor sentiment so it's still a bit early to say if oil stocks will continue on the rise or will fall for 2008 | 12.07.2007 |
Albert Says: Ted is right. I'd say let's wait until end of next week there about to make a more solid analysis of which way the oil price will go and whether the dollar will weaken | 12.07.2007 |
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