Thursday August 11, 2005 
Thursday August 11, 2005
It's noon-time over here, and the Asian markets are doing brisk business.
Crude oil for Sep 2005 delivery has hit $65.20.
And prices for Feb 2006 delivery have reached $67.70.
Oil prices surged nearly two dollars on Wednesday after a U.S. government report rekindled fears that resilient demand from summer drivers and a spate of refinery outages could trigger a gasoline supply crunch. The gains came against the backdrop of rising tensions in the Middle East after the United States temporarily closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.
U.S. light sweet crude futures soared $1.93 to hit $65.00 a barrel, the highest on record, before settling at $64.90. London Brent jumped $2.08 to new peak of $64.06 a barrel, before settling at $63.99. Crude oil producers and refiners have struggled to keep up with demand growth over the past two years, reducing the cushion of spare capacity needed to make up for any sudden shortfall ...
See also :
1. Oil prices holding above $60
2. $60.00 !!!
3. Oil : another day, another record (Oct 2004, when it was in the $40's and $50's)
(2005-08-11 12:39:57 SGT)
[Energy]
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