|Crude prices off 11-month high as Saudi supply fears wane |
|LONDON CRUDE oil futures slipped below $125 a barrel on Friday, after surging 5 percent to an 11-month high a day earlier, as fears of a supply disruption from Saudi Arabia eased, calming investors who now expect oil demand to fall in coming weeks.
Oil prices soared on Thursday after an Iranian media report of a pipeline fire in top exporter Saudi Arabia, although prices later dipped back after CNBC cited a Saudi oil official saying the report was untrue.
By 1321 GMT, front-month Brent crude was down by $1.31 to $124.89 a barrel, after settling the previous session at highs not seen since April 2011 of $126.20.
Brent topped $128 a barrel in late post-settlement trade on Thursday, reaching levels last seen in July 2008, when oil hit a record of more than $147 a barrel.
"Most people believe the retracements to the downside are all going to be pretty limited in the short term," said Tony Machacek, an energy broker at Bache Commodities.
Top oil exporter Saudi Arabia said on Friday there had been no attack in the kingdom, but traders are jittery about any potential disruptions to its production or infrastructure at a time of setbacks to global supplies.
|Promoter of Spicejet to infuse Rs 100 crore |
|NEW DELHI BUDGET carrier Spicejet on Friday said its promoter Kalanidhi Maran will infuse Rs 100 crore into the passenger carrier in lieu of five percent equity or additional 42.9 million shares.
"This decision shows the confidence of the promoters in the company and its viability. The board has taken this decision on Friday and will allot 42.9 million preferential shares to the promoters," SpiceJet chief executive Neil Mills told IANS.
"This is the second time in eight months when the promoters have infused equity. Last September, we received Rs 130 crore and five percent of the equity shares were allotted to the promoters." According to Mills, with the new equity shares, the overall holding of the promoters will go up to 48.6 percent.
He said that the fresh funds would be utilised by the company in its day to day activities and for general expenses.
|Spain defies Brussels on 2012 deficit target |
|MADRID/BRUSSELS SPAIN defied the European Union on Friday, setting a 2012 deficit target at 5.8 percent of gross domestic product, a far softer goal than the 4.4 percent agreed with Brussels.
Prime Minister Mariano Rajoy said Spain was working within EU guidelines because it would still cut its public deficit to 3 percent of GDP by 2013. He said the new 2012 target was still a tough one.
"I'm backing austerity and aim to reduce the deficit from 8.5 percent to 5.8 percent; that's significant austerity," he said at the end of an EU summit in Brussels.
The announcement cast a pall over an agreement for tougher debt rules in the bloc.
All but two of the EU's 27 leaders signed up to a 'fiscal compact' on Friday that commits eurozone countries to balancing their budgets over the medium-term.
That could strengthen the view that now is not the time to ease the rules for Spain despite its lobbying for leeway.