Crude prices of $100 a matter of ‘when not if’
By Neil Dennis
Oil prices pushed higher this week as concerns over the health of the US economy were overshadowed by a bullish combination of geopolitical events and falling US stockpiles.
Nymex West Texas Intermediate began a fresh assault on the $100-a-barrel level, hitting a one-month high of $97.79 on Thursday.
The assassination in Pakistan of Benazir Bhutto unleashed a fresh wave of speculative buying as geopolitical tensions in Asia and the Middle East intensified. On Wednesday, Turkey attacked Kurdish targets in northern Iraq, while Russia’s sale of an anti-aircraft missile system to Iran also ruffled some feathers
Meanwhile, Thursday’s US inventory data revealed a further drop in the country’s crude oil stockpiles below the five-year average.
Paul Horsnell at Barclays Capital said: “Since the end of June, US crude oil inventories have fallen by more than 60m barrels, and they are still falling relative to normal seasonal patterns.”
Full Article
Sunday, December 30, 2007
Subscribe to:
Post Comments (Atom)
1 comment:
Hi! Is this post updated yet? I have read price roll back on oil this coming weeks so I was wondering if this one is also updated? I hop that you could post an updated detail regarding this topic. Thanks.
Dallas Business Phone Systems
Post a Comment