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Oil companies put the brakes on the U.S. economy this spring by manipulating the supply of diesel fuel and spiking the price, according to a new study commissioned by Consumer Watchdog. The detailed report shows that oil companies and their refiners produced less diesel, imported less diesel and exported far more diesel early in 2008 than in previous years.
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Fitch Ratings expects that global steel prices will even out in 2008 once cost inflation of raw material is absorbed, according to a new report. Prices increases for steel have been rampant during the first six months of 2008 as companies seek to pass through increased raw material costs. The ability to increase steel pricing is essential to maintain margins for producers who do not control their sources of iron ore, coke, pig iron and scrap.
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Commodities: Only Oil Matters
added: 30-06-2008

Oil remains the only commodity in town, so to speak, the others are all sideshows, even gold which came to life Thursday and Friday and ended the week well over $US900 an ounce and at a one month high.
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US Economy: Rate Rise Anyone?
added: 30-06-2008

To the US Fed, inflation is the main problem, although it isn't fully discounting the continuing dangers from the weak US economy or the dangers from the credit crunch.
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Oil Meeting Overshadowed
added: 23-06-2008

Saudi Arabia has done its bit to try and put a lid on world oil prices, but more unrest in Nigeria has emphasised how fragile the market really is. As expected Saudi Arabia said it would raise its oil production by 2% from next month to try and curb record prices.
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A bad week for markets around the world with three month lows explored in Australia, Europe, the US and parts of Asia.
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The NASDAQ OMX Group, Inc. announced consolidated market performance statistics for its U.S. and Nordic exchanges for the month of May 2008.
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Companies raised a record £23.7 billion through new and further issues on the London Stock Exchange’s markets during May, the most money ever raised on the Exchange’s equity markets in a single month. This was nearly three times the £8.6 billion raised during May 2007 and double the £11.2 billion raised during July 2006, the previous record month.
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The ongoing surge in energy prices could pose liquidity issues for a number of U.S. downstream sectors, with independent refiners the most exposed, according to Fitch Ratings.
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Corn has continued its record-breaking run as floods in the US Midwestern state of Iowa start easing, and wet weather damages the grain crops in the region.
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