Monday, October 12, 2009

Quick Notes for the Day - October 12

Oil Rises on Demand Forecasts - The International Energy Agency on Friday raised its forecasts for global oil demand for both this year and 2010, citing more optimistic economic estimates issued by the International Monetary Fund as well as strong preliminary data from the Americas and Asia.

The agency raised its expectations by 200,000 barrels a day, to average demand of 84.6 million barrels a day, for 2009; and by 350,000 barrels a day, to 86.1 million barrels a day, for 2010.

Crude oil gained about $1.50 (2.2%) to $73.35 a barrel Monday morning.

Barclays Deal Signals Change in Credit - By David Weidner - "Barclays' plan to sell a $6.3 billion portfolio of once-unsellable assets is a small step for the company, but a big step for the industry... Valuing toxic assets always has been the holy grail of the credit crisis. Once a market for securities emerged, banks could start freeing up capital on the balance sheet for lending -- even if it took losses against the face value of the securities."

DOT Warns Airlines to Follow Rules on Lost-Luggage - Reimburse Quickly - travelpulse - "In its notice, the Department’s Aviation Enforcement Office said that a number of carriers have policies stating that they will reimburse passengers only for buying necessities purchased more than 24 hours after arrival and limiting such reimbursements to the outbound legs of trips. This is in violation of DOT regulations which require that airlines cover all expenses caused by lost or delayed baggage up to $3,300 per passenger on domestic flights, DOT said."

Gasoline Prices Slowly Moving Up - The average gasoline prices edged up to $2.48 a gallon on Monday versus $2.46 last week according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.58 a gallon. A year ago, gasoline cost an average of $3.25 a gallon.

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