Crude prices at seven week low of around $50 bbl
Singapore: The price of crude traded near seven-week lows, at just above US$50 per barrel in Asia, after a US government report showed a build up in the country's crude oil and gasoline stocks. The US Department of Energy said the nation's supply of crude oil grew last week by 3.6 million barrels to 320.7 million barrels, or 8.7 per cent above year ago levels.

It was the ninth straight week in which US oil inventories have increased. Gasoline inventories increased by 800,000 barrels to 213.1 million barrels, or 5.8 percent above year-ago levels, the agency said.

Light, sweet crude for May delivery was up five cents at $50.27 per barrel midmorning in Asia from its overnight close in New York. It was the lowest closing price since February 18 when crude traded at US$48.35, but the commodity still remains about 35 per cent higher than a year ago.

Nymex crude futures have fallen by roughly 14 percent since reaching an intraday high above $58 a barrel last Monday after the Paris-based International Energy Agency forecast slower demand in 2005.
Back to News Review index page  

Enron's Lay pushes for bench trial on banking charges
Houston: Enron Corp founder Kenneth Lay wants a judge to decide the outcome of his so-called "second" trial even as jurors are still deliberating a verdict in his first.

In a court filing yesterday, Lay's legal team opposed last week's suggestion from prosecutors that he go to trial on charges relating to his personal banking as early as May or June this year. Instead, they have taken up US District Judge Sim Lake's February suggestion that the judge hear and decide the banking case even as jurors deliberate a bigger fraud and conspiracy case against Lay, former Enron CEO Jeffrey Skilling and former top accountant Richard Causey slated to begin in January.
Enron collapsed in December 2001.

If Lay were convicted in a banking case that went to trial before the larger conspiracy case, publicity could damage his ability to find a fair jury next year "and severely preudice Mr. Lay's ability to testify in the main case," the filing said. "If Mr Lay were acquitted (in the banking case), as we expect, the public perception would likely be that the so-called 'rich and powerful' always get off, thereby further inflaming community prejudice against him."
Back to News Review index page