Friday May 09, 2008

Crude oil continues 5-day record-breaking run to reach $125.98

This article belongs to the NYMEX crude oil price records story arc.

No press releases this time - most of the mainstream media hasn't caught up yet at the time of writing. Crude oil continues to break records, now into the 5th trading day in a row, reaching an intra-day record of $125.98 per barrel on NYMEX, while the mainstream media continues to run out of reasons to explain the recent rises, pointing to the same old recycled reasons of Nigerian attacks, the weak dollar and speculative demand. Well, the simple reason is increasing demand running into decreasing supply.

As for the technicals, $125 wasn't that much of a resistance level but it has snapped really quickly this time. $130 oil, here we come. The next resistance levels remain $150, $180 and $200. Support levels are at $120, $110, $100 and $90.

See also :

1. Crude oil continues record-breaking streak, hits $123.93 on NYMEX
2. Crude oil hits $122.73 record on supply disruptions and global demand
3. Crude oil hits $120.36 record on Nigeria, economic data
4. Crude oil hits $120.21 record upon attack on Shell Nigeria facility

(2008-05-09 19:51:07 SGT) [Energy] Permalink

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