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Jakarta Post

Speculations stir up energy and food crisis

  • The Jakarta Post

    Jakarta

  /   Fri, May 2 2008   /  01:33 pm

Speculations on the financial market, including futures trading, have exacerbated the energy and food crisis by inflating prices in spite of a global economic slowdown, a discussion forum was told Wednesday in Jakarta. In a seminar organized by the International NGO Forum on Indonesia Development, Agustinus Prasetyantoko of Atmajaya University said food and energy prices were expected to rise for years ahead due to increasing demand and shrinking outputs. "With predictions of a slowing global economy and crisis fears, oil demand and prices are expected to fall. "But what has happened is the price keeps on increasing. So this is a contradiction. It shows market speculation now plays a big role in determining prices." Crude oil for June delivery was traded at $113.23 a barrel on the New York Mercantile Exchange on Thursday, 11:49 a.m. London ...