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What We Read Today 05 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

China frees prices of commodities, services in fresh reforms (ReutersChina has freed prices of 24 commodities and services, removing all price controls on agricultural products, among other reforms, its top economic planning agency said.  This completes a program for the farm produce market started in 1978.  The government has now only retained its regulatory role through state storage programs, by maintaining minimum prices and giving subsidies on some products.  Freight and passenger prices have also been left to market forces, along with several other services.


Oil prices hits fresh five-and-a-half-year lows; Brent below $56 (Reuters)  Early Monday trading saw Brent crude oil at less than $56 and the U.S. benchmark, WTI crude, as low as $51.40.  WTI is West Texas Intermediate crude oil.  Is the bottom near or will we see oil in the $40s this week?  For reference, in the last oil crash the price of WTI reached a low of $30.28 on 23 December 2008.


2015 Will Be All About Iran, China and Russia (Pepe Eschobar, Sputnik International)  The author believes that 2015 will be a year all about further moves towards the integration of Eurasia.  He says:  "Time may be running out – but for the EU, not Russia."


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