IEA forecasts oil demand will rebound in 2010
The International Energy Agency forecasted global oil demand will increase by 1.4 million barrels per day or 1.7 percent to 85.2 million barrels per day in 2010 up from 83.8 million this year, as the world economy recovers from the downturn.
Crude falls below $60 per barrel
Crude oil fell below $60 to $59.52 per barrel on the New York Mercantile Exchange Friday and was heading to its biggest weekly decline since January, Bloomberg reported, saying traders may be speculating that the global recession will affect energy demand. A year ago, on July 11 crude prices reached an all time record of $147.27 per barrel.
Vestas to deliver wind turbines for two Chinese projects
Vestas Wind Systems announced Friday it has received two orders to deliver, install and commission a total of 38 wind turbines for two Chinese projects to generate a total of 75 Megawatts of power. The company did not disclose the name of the projects' ownership.