Please visit the links below to view the Bloomberg Article on “America’s Strongest Housing Markets in 2014″ and how Santa Fe fits in to that equation.

New Mexico

Biggest home price increase projected in 2014: Santa Fe metro

Forecast 4-year price increase: 25.8 percent

Current median price: $197,601*

Prices to reach trough in: 2010 Q3

Median family income: $64,300

Population: 147,530

Fiserv and Moody’s Economy.com expect prices in Santa Fe to drop a total of 13.4 percent from their height in 2007. Lois Sury, president of the Santa Fe Association of Realtors, states in a release that median prices fell during the second quarter, but homes are moving across all price ranges. Sales in the city and county of Santa Fe rose 40 percent during the second quarter, compared with the same period last year, according to the association.

The food, the restaurants, the cuisine, is one of the great pleasures I have in living here and I will be sharing these with you on this blog along with other great, unique things about Santa Fe. It s a great place to live and a wonderful place for those of you, along with me, who enjoy dining out.

One crucial part of Southwestern cuisine is its Spanish heritage but there is also Menus include traditional New Mexican, Native American, Mexican, vegetarian and contemporary Southwestern cuisine to be found here.

Check back often as I’ll be highlighting recipes and restaurants on my blog.

Choose from municipal and privately owned courses that are open to the public. Most golf courses offer individual and group lessons as well as pro shops and restaurants. Golfers appreciate playing in this high desert oasis, where an average of 300 sunny days a year provides ideal conditions.

Here is a Quick List of some of the courses in the Santa Fe area:

Accommodations at Quail Run Resort
3101 Old Pecos Trail
Santa Fe, NM 87505
505-795-7211

Black Mesa Golf Club
115 State Road 399
Espanola, NM 87532
(505) 747-8946

Marty Sanchez Links de Santa Fe
205 Caja del Rio Rd.
Santa Fe, NM 87506
888-735-4657
(505) 955-4400

Paa-Ko Ridge Golf Club
1 Clubhouse Drive
Sandia Park, NM 87407
(505) 281-6000
Pueblo de Cochiti Golf Course
5200 Cochiti Hwy
Cochiti Lake, NM
(505) 465-2239

Santa Fe Country Club
Airport Rd
Santa Fe, NM 87507
(505) 471-0601

Towa Golf Resort
40 Buffalo Thunder Trail
Santa Fe, NM 87506
(505) 455-9000

We recommend, especially if you are only in Santa Fe for a few days and can’t decide which of the world famous restaurants to choose for dining? You can try as many restaurants as possible while you are here! We recommend the Restaurant Walking Tour, Fine Dining Santa Fe Style at the Santa Fe School of Cooking and Market.

Lace up your most comfortable walking shoes and enjoy the only tour of its kind in New Mexico. You’ll start at the Santa Fe School of Cooking for a meet and greet complete with a delicious sampling from their repertoire, then head out for a guided tour to four of Santa Fe’s most prestigious dining destinations.
Call 505-983-4511 or Email: cookin@nets.com Website: http://www.santafeschoolofcooking.com

By Shobhana Chandra

Aug. 7 (Bloomberg) — The pace of U.S. job losses slowed more than forecast last month and the unemployment rate dropped for the first time in more than a year, the clearest signs yet the worst slump since the Great Depression may be ending.

Payrolls fell by 247,000, after a 443,000 loss in June, the Labor Department said today in Washington. The jobless rate unexpectedly dropped to 9.4 percent from 9.5 percent.

The figures sent stock indexes soaring to their highs for the year and 10-year Treasuries heading for the worst week since 2003. At the same time, the White House warned the jobless rate is still likely to reach 10 percent, and with companies from Boeing Co. to Verizon Communications Inc. continuing to cut costs, any rebound in hiring may not come until 2010.

“The American consumer is by no means out of the woods, but we are moving in the right direction,” said Richard DeKaser, chief economist at Woodley Park Research in Washington, the only economist to correctly forecast the payroll and unemployment numbers. “We will see moderate growth in the second half and more of a pickup in 2010.”

The Standard & Poor’s 500 Stock Index rose 1.7 percent to 1,013.65 at 11:15 a.m. in New York. Yields on benchmark 10-year notes rose to 3.84 percent from 3.75 percent late yesterday. The dollar climbed 0.9 percent to $1.4220 per euro and 2 percent to 97.38 yen.

“We are pleased, but not satisfied that the rate of that job loss is declining,” said Robert Gibbs, the White House press secretary. “Without seeing some genuine, positive, sustained job growth, you’ll likely to see the rate continue to go up,” he added.

Pace of Declines

Revisions added 43,000 to payroll figures previously reported for June and May. The average losses of 331,000 in the past three months are less than half the pace of decline in the first quarter of this year.

The latest numbers brought total jobs lost since the recession began in December 2007 to about 6.7 million, the biggest decline in any post-World War II recession.

“We’ve got a long way to go before we’ve got a normal recovery,” James Glassman, senior U.S. economist at JPMorgan Chase & Co. in New York, said today in an interview on Bloomberg Radio.

Payrolls were forecast to drop 325,000 after the 467,000 decline initially reported for June, according to the median of 82 estimates in a Bloomberg News survey. Predictions ranged from decreases of 150,000 to 460,000. Job losses peaked at 741,000 in January, the most since 1949.

Economists’ Forecasts

The jobless rate was projected to rise to 9.6 percent, and forecasts ranged from 9.2 percent to 9.8 percent. A separate Bloomberg survey last month showed the rate may exceed 10 percent by early next year and average 9.8 percent for all of 2010.

Along with projected further increases in unemployment, stagnant wages and falling home values mean a lack of consumer spending will likely curb an economic recovery, analysts say.

Today’s report showed factory payrolls fell 52,000, the fewest in a year, after decreasing 131,000 in the prior month. Economists forecast a drop of 100,000.

That decline came even as 28,200 jobs were created in the automobile industry. The improvement reflected the return of workers at General Motors Co. and Chrysler Group LLC, both of which have exited bankruptcy.

GM Cuts

GM may have to cut more U.S. hourly jobs after an offer of buyouts and early retirements fell about 7,500 workers short of the reorganized automaker’s target.

Payrolls at builders fell 76,000 after decreasing 86,000. Financial firms decreased payrolls by 13,000.

Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 119,000 workers after losing 220,000 the month before. Retail payrolls decreased by 44,100.

Government payrolls increased by 7,000 after falling 48,000 the prior month.

Today’s report also showed the average work week expanded to 33.1 hours in July from 33 hours in the prior month. Average weekly hours worked by production workers increased to 39.8 hours from 39.5 hours, while overtime held at 2.9 hours for a second month. That brought the average weekly earnings up to $614.34 from $611.49.

Workers’ average hourly wages rose 3 cents, or 0.2 percent, to $18.56 from the prior month. Hourly earnings were 2.5 percent higher than July 2008. Economists surveyed by Bloomberg had forecast a 0.1 percent increase from the prior month and a 2.5 percent gain for the 12-month period.

Consumer Spending

Even so, economists predict consumer spending, which accounts for 70 percent of the economy, will be slow to gain speed. Wages and salaries fell 4.7 percent in the 12 months through June, the biggest drop since records began in 1960, according to Commerce Department data issued this week.

Companies like Verizon and Boeing are still looking to trim expenses through cutbacks in staff. New York-based telephone carrier Verizon last month said it plans to slash more than 8,000 jobs in the second half of the year.

Chicago-based Boeing, which is planning to eliminate about 10,000 workers, or 6 percent of its labor force, has agreed to allow some machinists to volunteer for a “layoff with benefits” to help mitigate job cuts, the International Association of Machinists and Aerospace Workers said on July 28.

Earnings Pressure

Emerson Electric Co., a maker of industrial equipment, will cut an additional 5,000 to 6,000 positions in the next few quarters, after it posted its third straight drop in quarterly earnings, the longest stretch since 2002. The St. Louis-based company has already eliminated 20,000 jobs.

“Emerson is still seeing very difficult and challenging times around the world,” Chief Executive Officer David Farr said on a conference call on Aug. 4.

Administration officials including Lawrence Summers, director of the White House National Economic Council, predict most new jobs under President Barack Obama’s stimulus program will come only in 2010. Less than 10 percent of the $787 billion plan goes to job creation this year, and the government still expects to save or create at least 3 million jobs, Summers said in an NBC television interview on Aug. 2.

The unemployment rate may not peak until the second half of 2010, Treasury Secretary Timothy Geithner said on ABC last week, even as the economy shows signs of improvement. Another extension in unemployment benefits “is something that the administration and Congress are going to look very carefully at as we get closer to the end of this year,” Geithner said.

To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net

Last Updated: August 7, 2009 11:34 EDT

taken from bloomberg.com 8-7-09

By Whitney Kisling

Aug. 7 (Bloomberg) — U.S. stocks jumped after the unemployment rate fell for the first time since April 2008, bolstering speculation that a recovering economy justifies the steepest rally in equities in seven decades. Commodities and the dollar also advanced, while Treasuries retreated.

American Express Co., Alcoa Inc. and Walt Disney Co. added at least 2.1 percent after the Labor Department said the nation lost 247,000 jobs last month, 78,000 fewer than economists projected, and the jobless rate fell to 9.4 percent from 9.5 percent. American International Group Inc. rallied 11 percent as its first profit since 2007 topped estimates. CBS Corp. and D.R. Horton Inc. climbed on analyst upgrades.

“The market has a laser focus on the economy and on jobs, so any improvement in that leads to an improvement in the stock market,” said David Katz, who oversees $1.1 billion as chief investment officer of Matrix Asset Advisors in New York. “The worst is behind for the economy, and we’re on the mend.”

The Standard & Poor’s 500 Index rallied the most in two weeks, adding 1.7 percent to a 10-month high of 1,013.63 at 11:29 a.m. in New York, poised for a fourth straight weekly advance. The Dow Jones Industrial Average climbed 143.97 points, or 1.6 percent, to 9,400.23.

The S&P 500 has rallied 50 percent since reaching a 12-year low on March 9, the steepest surge over the same number of days since the Great Depression. The market’s advance has restored almost $4 trillion in value to U.S. equities, according to data compiled by Bloomberg, after 2008 marked the worst year for stocks since the 1930s.

Earnings, Economic Data Surprise

In addition to today’s jobs data, reports this month showed better-than-estimated sales of cars and existing homes and a contraction in manufacturing that was smaller than economists forecast. The Conference Board’s index of leading economic indicators has risen three straight months.

While profits at S&P 500 companies are falling for a record eighth straight quarter, results have surpassed projections by an average of 10 percent in the current season. Per-share earnings have beaten estimates at three-quarters of the 446 companies in the S&P 500 that released second-quarter results since June 17, according to data compiled by Bloomberg.

“The economic news is getting less grim, and earnings estimates are ratcheting up,” said Michelle Clayman, chief investment officer at New Amsterdam Partners in New York, which manages $3 billion. “We’re now looking at earnings next year north of $70” a share for the S&P 500.

Profit Outlook

Companies in the S&P 500 will earn a combined $74.48 per share in 2010, according to forecasts compiled by Bloomberg as of yesterday. Overall profits are projected to rise 21 percent, led by an 85 percent increase at chemical and mining companies, a 54 percent gain at banks, brokers and insurers, and a 47 percent jump at energy producers, the data show.

The S&P 500 and the Dow have gained 12 percent and 7 percent, respectively, in 2009 as better-than-expected earnings and improving economic data suggest the worst recession since the 1930s may be subsiding and investors regain some confidence in U.S. equities. The S&P 500 and Dow are up about 2 percent over the past five days, both poised for the fourth straight week of increases.

AIG climbed 22 percent to $27.47 and has more than doubled over the past week. The insurer bailed out by the U.S. government reported second-quarter earnings per share of $2.57 on an adjusted basis, beating the $1.50 average analyst estimate. Shares of AIG climbed 63 percent on Aug. 5, and rose 2.4 percent yesterday before results were released.

Nvidia, D.R. Horton Rally

Nvidia Corp. added 5.2 percent to $13.80 after the second- biggest maker of graphics chips forecast sales of as much as $830.9 million in the third quarter, compared with an average analyst estimate of $757 million.

D.R. Horton, the largest U.S. homebuilder by sales, gained 7.3 percent to $13.46 as Goldman Sachs Group Inc. added the shares to its “conviction buy” list.

American Express, the best performing stock in the Dow this year with a 79 percent rally, climbed 5.9 percent to $33.17. Disney, the biggest media company in the world, rallied 3.7 percent to $26.31. Alcoa, the largest U.S. aluminum producer, rose 2.1 percent to $13.07.

All 10 industry groups in the S&P 500 advanced after the pace of job losses slowed more than forecast, the clearest sign yet that the worst economic contraction since the Great Depression is easing. Economists at Goldman Sachs Group Inc. and Deutsche Bank Securities Inc. yesterday changed their forecasts for a smaller drop in payrolls, saying the world’s largest economy and the labor market are showing some signs of improvements. Goldman Sachs lowered the forecast to 250,000, almost matching today’s report.

Oil, Dollar, Bonds

Crude oil fell from a five-week high as the dollar increased against the euro. The Dollar Index, a gauge of the currency against the six major trading partners, climbed 0.9 percent to 78.788, the biggest advance in more than a week. The price of the 10-year Treasury note slipped for a fifth consecutive day as investor risk aversion sank, with the yield up 12 basis points to 3.87 percent.

Chiquita Brands International Inc. rallied the most since May 1, adding 15 percent to $14.69, after the seller of bananas and other produce posted second-quarter earnings excluding some items of $2.08 a share, more than twice the average analyst estimate, according to Bloomberg data.

CBS, the only major broadcast network to gain viewers last season, surged the second-most in the S&P 500. The stock added 21 percent to $10.31 after earnings topped analysts’ estimates and Benchmark Co. raised the shares to “buy” from “hold,” saying the stock is “well positioned to benefit from the improving economic outlook.”

Leap, PMI Slide

Leap Wireless International Inc., the pay-as-you-go mobile phone company, slid 20 percent to $17.97 after posting quarterly results and revenue that missed analysts’ estimates as rivals increased competition with new products. Yesterday, telephone stocks slid the most of 10 industry groups in the S&P, dropping 1.2 percent after MetroPCS Communications Inc. reported disappointing results.

PMI Group Inc., the fourth-largest U.S. mortgage insurer, lost 13 percent to $3.08. The company posted an eighth straight quarterly loss, missing the average analyst estimate. Mortgage defaults cut into income and policy sales declined.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.

Last Updated: August 7, 2009 12:46 EDT

taken from bloomberg.com 8-7-09

By Tim Mullaney

Aug. 5 (Bloomberg) — Google Inc. agreed to buy On2 Technologies Inc. for $106.5 million, bolstering its YouTube site with software that compresses video clips so they are easier to download.

On2 investors will get 60 cents in Google stock for each share they own, Mountain View, California-based Google said today in a statement. That’s 57 percent more than On2’s closing price yesterday on the American Stock Exchange.

The acquisition is the first announced by Google since September, according to data compiled by Bloomberg. Chief Financial Officer Patrick Pichette has pressed managers to only make deals that have a clear payoff, said Sameet Sinha, an analyst at JMP Securities Inc. in San Francisco.

“YouTube’s bandwidth costs are high, and compression technologies help you reduce the bandwidth any video uses,” said Sinha, who predicts Google shares will outperform their peers and doesn’t own the stock. On2 may let Google incorporate video-compression software into mobile phones that use its Android software, he said.

On2’s customers include Nokia Oyj, Sony Corp. and Adobe Systems Inc. The purchase is expected to close in the fourth quarter. On2 shareholders and regulators must approve the deal before it can be completed, the companies said.

On2, based in Clifton Park, New York, rose 19 cents, or 49 percent, to 57 cents today at 10:04 a.m. New York time on the American Stock Exchange. The shares had jumped 91 percent this year before today. Google fell $3.48 to $450.25, and had advanced 47 percent this year though yesterday.

Last Updated: August 5, 2009 10:07 EDT

taken from bloomberg.com 8-5-09

By Svenja O’Donnell and Brian Swint

Aug. 5 (Bloomberg) — U.K. house prices jumped almost twice as much as economists forecast in July and consumer confidence rose to the highest in more than a year, adding to evidence that Britain is shrugging off the recession.

Home values climbed 1.1 percent to an average of 159,623 pounds ($269,850), Lloyds Banking Group Plc’s Halifax division said in an e-mailed statement today. The median forecast of 15 economists in a Bloomberg News survey was for a 0.6 percent increase. Nationwide Building Society’s index of consumer sentiment rose to 60, the highest since May 2008.

The housing market is “significantly more stable” and in a better condition than expected, Peter Redfern, chief executive officer of homebuilders Taylor Wimpey Plc, told Bloomberg Television today. The Bank of England will assess tomorrow if signs of an economic recovery are strong enough for it to stop buying assets with newly printed money.

“Over the last month or two we’ve had significantly stronger survey data,” said Ross Walker, an economist at Royal Bank of Scotland Group Plc in London. “Maybe there is clearer evidence of stabilization and maybe the economy is gaining a bit of traction. My sense is the Bank of England would quite like to pause” its asset purchases.

House prices rebounded after a 0.4 percent drop in June, Halifax said. Compared with July of last year, home values fell 9.9 percent.

Homebuyer Demand

“Demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates,” Martin Ellis, an economist at Halifax, said in the statement. “Higher demand has combined with the low levels of property available for sale to boost sales activity from exceptionally low levels and support prices over the past few months.”

Homeowners expect the value of their properties to rise 0.5 percent in the next six months, the most since December 2007, Nationwide’s report showed. Its consumer confidence index climbed one point from the previous month. TNS surveyed 1,000 people for Britain’s biggest customer-owned lender between June 22 and July 19.

“Consumers might have been reassured by reports that the housing market may be starting to recover,” Martin Gahbauer, Nationwide’s chief economist, said in a statement.

Shop-price inflation is slowing, helping purchasing power, the British Retail Consortium signaled in a separate report today. The annual rate of price gains in stores was 0.5 percent in June, the lowest in seven months. Annual gains in food prices slowed to 3.8 percent, and prices for non-food items fell 1.3 percent on the year, the BRC said.

Factory Output

While surveys have shown improvement in the economy, official statistics have yet to indicate a recovery has become entrenched.

Factory output probably fell for a second month in June according to the median of 25 economists in a Bloomberg News survey. The Office for National Statistics will publish that data at 9:30 a.m. today in London.

The recession has kept pushing up unemployment, which reached the highest since 1995 in the quarter through May. The U.K. economy contracted 0.8 percent in the second quarter after shrinking 2.4 percent in the previous three months.

A measure of hiring for permanent jobs fell in July for the first time since February, KPMG and the Recruitment and Employment Federation said in a separate report today. The gauge of permanent staff appointments by job consultants slipped to 46.1 from 48.6.

Rising Unemployment

“We are cognizant of rising unemployment and constraints on consumer spending generally,” Ralph Topping, chief executive officer of William Hill Plc, told reporters yesterday. The U.K.’s second-biggest bookmaker forecast that full-year betting- shop profit would be lower than analysts predicted.

The Bank of England, whose benchmark interest rate is at a record low of 0.5 percent, will decide tomorrow whether to extend its 125 billion pound ($211 billion) asset-purchase program. Economists are split on the outcome, with 21 out of 44 in a Bloomberg News survey predicting no expansion of the plan and the remainder forecasting that the bank will seek to spend at least another 25 billion pounds.

To contact the reporters on this story: Svenja O’Donnell in London at sodonnell@bloomberg.net; Brian Swint in London at bswint@bloomberg.net.

Last Updated: August 5, 2009 03:27 EDT

taken from bloomberg.com 8-5-09

By Trista Kelley

Aug. 5 (Bloomberg) — Shire Plc’s second-quarter revenue sank 19 percent as generic competition hurt sales of its Adderall hyperactivity pill. The shares gained the most since mid-April on prospects for Adderall’s successor, Vyvanse.

Revenue dropped to $629.7 million from $775.6 million a year earlier, Basingstoke, England-based Shire said in a statement today. Analysts predicted $619.1 million, the average of seven estimates compiled by Bloomberg in the past four weeks.

Shire began trying to switch patients from Adderall to Vyvanse before the older drug faced generic competition in April. Shire is also seeking to expand uses for Vyvanse and today said it started second-phase testing for depression and psychiatric conditions, Chief Executive Officer Angus Russell said. The company is “actively” managing costs to help offset a 77 percent plunge in Adderall sales to $67 million in the quarter, Russell said on a conference call with analysts.

“Shire gave reassurance that Vyvanse is not going to suffer from further generics on Adderall XR and that it will grow strongly in the second half,” which helped boost the shares, Navid Malik, an analyst at Matrix Corporate Capital in London, said in an e-mail.

In March, GlaxoSmithKline Plc agreed that 600 of its salespeople will promote Vyvanse in the U.S. as part of a three- year deal. Vyvanse sales jumped 75 percent to $114 million in the second quarter, missing the $121 million median target of three analysts surveyed by Bloomberg.

‘Larger Benefits’

“Every adult account they’ve targeted, they’ve had an impact,” Russell said. “This agreement is progressive. We expect incremental sales and each year and it will show larger benefits over that timeframe.”

Shire has been relying on its human-genetics unit to ease dependence on products for attention deficit hyperactivity disorder, which account for about half of 2008 revenue. Total sales are forecast to grow in the “mid teens range” on average between 2009 and 2015, helped by the planned introduction of Intuniv for ADHD in the fourth quarter and velaglucerase alfa for Gaucher disease in 2010.

Shire rose 37 pence, or 4.2 percent, to close at 919 pence in London, the steepest one-day gain since April 16. The stock had fallen 13 percent this year before today, hurt by lower- than-predicted Vyvanse sales, giving the company a market value of 4.9 billion pounds ($8.3 billion). The Bloomberg Europe Pharmaceutical Index is little changed.

Net income was $44.1 million, or 24 cents per American depositary share, compared with a loss of $79 million, or 44 cents, a year earlier. Earnings per American depositary share excluding some items were 47 cents based on the company’s full- year expected tax rate, compared with a median estimate of 46 cents from 11 analysts surveyed by Bloomberg.

Shire had a loss last year on costs to license Metazym to treat a rare neurological disease and a writedown on the anemia drug Dynepo.

To contact the reporter on this story: Trista Kelley in London at tkelley2@bloomberg.net

Last Updated: August 5, 2009 12:24 EDT

taken from bloomberg.com 8-5-09

By Mark Shenk

Aug. 5 (Bloomberg) — Crude oil fell after a government report showed a bigger-than-projected supply increase and U.S. service industries contracted in July, signaling that demand will be slow to rebound in coming months.

Stockpiles gained 1.67 million barrels to 349.5 million last week, the Energy Department said. A 600,000-barrel gain was forecast, according to a Bloomberg News survey. Supplies rose at Cushing, Oklahoma, where New York-traded West Texas Intermediate oil is stored. The Institute for Supply Management’s index of non-manufacturing businesses fell more than projected.

“The crude oil builds, both nationwide and at Cushing, are weighing on the market,” said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. “The ISM numbers earlier today also pushed prices lower.”

Crude oil for September delivery fell 27 cents, or 0.4 percent, to $71.15 a barrel at 12:53 p.m. on the New York Mercantile Exchange. Oil traded at $70.73 before the release of the inventory report at 10:30 a.m. in Washington.

“The big build in crude supplies is clearly having an impact, but until we decisively break below $70 and $69, it doesn’t mean a whole lot,” said Michael Fitzpatrick, a vice president for energy at MF Global Ltd. in New York. “The market really hasn’t focused on fundamentals since we reached the lows last winter.”

Crude oil supplies at Cushing rose 1.2 million barrels to 33.3 million in the week ended July 31, leaving stockpiles the highest since March.

Fuel Inventories

Gasoline inventories declined 218,000 barrels to 212.9 million last week, the report showed. An 800,000-barrel drop was forecast, according to the median of 16 responses by analysts in the Bloomberg News survey.

Supplies of distillate fuel, a category that includes heating oil and diesel, fell 1.14 million barrels to 161.5 million. An increase of 1.23 million barrels was projected.

Gasoline for September delivery declined 3.03 cents, or 1.5 percent, to $2.0264 a gallon in New York. Heating oil for September delivery rose 2.98 cents, or 1.6 percent, to $1.9312.

The Tempe, Arizona-based ISM’s index of service industries, which makes up almost 90 percent of the economy, fell to 46.4 from 47 in June. The index was projected to rise to 48, according to the median of 77 responses in a Bloomberg News survey.

“The economy is only bottoming out and the recovery to pre-recession activity levels will take time,” said Harry Tchilinguirian, senior oil market analyst at BNP Paribas SA in London. “With more inventory builds, prices could stand to correct from recent gains.”

Brent Oil

Brent crude oil for September settlement rose 26 cents, or 0.4 percent, to $74.54 a barrel on London’s ICE Futures Europe Exchange.

The U.K.’s Financial Services Authority will hold discussions with oil traders and producers in London today on the impact of speculation in the energy market. The meeting follows a U.S. Commodity Futures Trading Commission hearing on whether to put limits on oil trades, something the FSA doesn’t do.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

Last Updated: August 5, 2009 13:28 EDT

taken from bloomberg.com 8-5-09