Crude oil prices rose on Tuesday to a new of $127 a barrel after Iran said it is reviewing a plan to cut output and renewed concerns that refiners are not satisfying demand of distillate fuels including heating oil.
From the poorest of Africa to the United States and big business, a breakneck rally that could take oil to $200 a barrel is likely to inflict pain on everyone.
Crude oil futures soared for a fifth day above $126 a barrel on Friday as the dollar fell against the euro and other major currencies increasing demand for commodities as a hedge against inflation.
Crude futures climbed past $124 a barrel in electronic trading late afternoon, recovering from earlier weakness as traders continued to have concerns over global supplies, while OPEC commented the market is well supplied.
Oil could potentially soar up to $200 within the next two years as part of a super-spike driven by slowing growth in oil supplies, investment bank Goldman Sachs said in a research note on Tuesday.
By Gary DorschIn the futures markets, crude oil is up 80% from a year ago, unleaded gasoline up 40% natural gas up 39%, Soybeans are up 83%, corn up 65%, wheat up 95%, sugar up 30%, Gold up 36%, and rough rice is 125% higher from a year ago
Crude oil prices slid after hitting their highest record ever on Monday at $117.40 a barrel in New York, on worries that demand will continue to increase and OPEC's comments saying there is no shortage of oil in the market.
ROME: Oil prices, which topped a record $117 per barrel last week, are unlikely to fall back below $90, the Venezulan oil minister Rafael Ramirez said on the sidelines of the International Energy Forum here on Monday, reports Economic Times .
By Edward Tapamor
A number of factors have been underpinning the new highs set by the crude oil market this week. The most obvious is the perennial tightness in the market that will simply n...
Crude futures declined on Thursday from a record high after profit-taking moves and OPEC signs of keeping output steady.
Commodity Online
NEW YORK: World oil prices continued their upward journey from last week and are nearing $107 in Asian trade on Monday as US dollar became weaker.In morning trade, New Yo...
Commodity Online BAGHDAD: Iraqi officials on Tuesday said oil output operations would be back to normal by today, after the bomb attack cut production and exports by about 100,000 barrels per day.
By Edward Tapamor Peak oil is a reality. It may take a generation for al the effects to be played out but they will be played out. They will never be solved by current economic thinking, because it was current economic thinking that caused it.
Commodity Online VIENNA: OPEC on Tuesday announced that its weekly average oil price has dropped slightly to $ 99.47 per barrel in the previous week.
OPEC President Chakib Khelil said over the weekend that he expects the price of crude oil to range between $80 and $110 per barrel in 2008.
By Tom WhippleIn India, strong demand growth and high profit margins have given the country the leeway to absorb a part of input cost hikes in the past.
Commodity Online SYDNEY: Oil prices fell by $1.50 to near the $100 a barrel mark on Monday, extending last week's deep losses as funds sought to lock in first quarter profits.
Commodity Online KUWAIT CITY: The oil rich tiny gulf state of Kuwait on Tuesday announced that its revenue collection has reached a staggering $63.6 billion until February this fiscal.
Crude oil futures prices dropped as traders sold contracts to gain profits from a record high near $106. Other investors bought oil to compensate for a falling dollar.
Gold futures closed with strong gains, after briefly soaring to a new record just below $1,000 an ounce after the dollar tumbled lower and crude oil continued to rally, boosting the metal's appeal as hedge against inflation.
Corn increased on Wednesday amid speculations that investors will boost holdings of commodities to overcome inflation following the gain of crude oil and other commodities.
U.S. crude prices rose to a record above $104 today after OPEC held oil production steady at a meeting in Vienna and U.S. fuel inventories declined for the first time in eight weeks.
