Oil declines

U.S. light crude oil futures slid 43 cents, or 0.7 percent, to $61.98 a barrel in electronic trading. The market’s three-day losing streak has shaved off 3.7 percent.

U.S. data shows a large increase in crude inventories. The cause is believed to be weaker demand as people drive less.

There is no consensus from analysts regarding the future. “The bears need only final confirmation that Wilma will miss the western Gulf of Mexico in order to challenge support at $60,” consultancy PFC Energy said in a report. We may find out if they are correct because it seems that Wilma will miss the areas important t the oil industry.

As for the non-bears? Other analysts said tightening supplies of fuels such as heating oil, which fell last week but remain higher than this time in 2004, could spell higher prices as the Northern Hemishere approaches winter, when global demand peaks.

“If a normal or colder-than-normal U.S. East Coast winter were to be thrown into the equation, the situation might become fairly critical,” said analysts at Barclays Capital.

Weather people seem to be predicting a slightly colder than normal winter in the US and a very cold winter in Europe so we may find out if they are correct.

Of course it may turn out that both are correct and that oil will decline a couple of more dollars in the next week or two but then rise sharply if a cold winter increases demand for oil.

2 Responses to “Oil declines”

  1. don says:

    RFID, LTD. is Approved for SBA HUBZone Empowerment Contracting Program

    Tuesday , October 18, 2005 10:23 ET

    DENVER, Oct 18, 2005 (BUSINESS WIRE) –RFID, LTD. (OTC:RFDL) today announced acceptance into the Small Business Administration (SBA) HUBZone Empowerment Contracting Program.

    Congress passed the Small Business Reauthorization Act of 1997 to help increase employment opportunities and stimulate economic development and capital investment in distressed communities across the United States.

    As of October 1, 2000, all Federal agencies are subject to the requirements of the HUBZone Program. The statute sets the goal for HUBZone contracts to be 3% of a Federal department’s overall spend. The 3% goal sets the United States Department of Defense (DoD) HUBZone spend target at approximately $4.6 billion per annum.

    DoD announced a phased RFID compliance mandate to the Pentagon’s 46,000 suppliers requiring Radio Frequency Identification (RFID) tags to be embedded in individual products or product cases and pallets consumed by DoD.

    “RFID, LTD. appears to be the only publicly traded company in the RFID space to be accepted into the HUBZone contracting program.” said Nicholas Chavez, president of RFID, LTD. “The US Department of Defense now has the discretion to award RFID, LTD. sole-source RFID-related contracts with values up to $3 million each without being impeded by a protracted contract bidding process.”

    The acquisition of such HUBZone contracts and subcontracts could lead to as many as 65 new jobs with RFID, LTD. in the Downtown Denver area over the next twelve months.

    “We’re proud to be helping the Downtown Denver economy by offering employment to skilled residents living in an underutilized area. It’s a win-win for the City of Denver and our shareholders.” Nicholas Chavez further indicated.

    About RFID, LTD.

    RFID LTD. (OTC: RFDL) is the world leader in formulating, testing and depoying vendor neutral UGF radio frequency identification (RFID) solutions for small to medium sized businesses required to comply with Wal-Mart, Target, Best Buy, Albertsons, Home Depot and Department of Defense RFID compliance mandates.

    For more information visit http://www.rfid-ltd.com.

    Forward-looking Statements

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

    SOURCE: RFID, LTD.

    RFID, LTD.
    Investor Relations, 303-777-0588
    pr@rfid-ltd.com

  2. Trent Houk says:

    I am looking for high risk-high pay-out stocks. what, if anything do you reccomend?

    Thanks a million!!!!!!!!!!!

    Trent Houk