Thursday May 08, 2008

Crude oil continues record-breaking streak, hits $123.93 on NYMEX

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

bloomberg.com :

Crude oil hit a record $123.93 a barrel in New York [7 May 2008] after a government report showed that U.S. worker productivity accelerated, signaling stronger economic growth and increased energy demand. Oil may rise further if the economy improves in the US, the world's biggest energy user. Yesterday, futures rose $1.6 to settle at $123.53 a barrel, the highest close since trading began in 1983.

- Another day, another record. This despite what should have been a bearish inventory report. I never really thought I would be saying this but it looks like $120 might be turning into a support level. The next resistance levels are $150, $180 and $200. Support levels are $120 (*yikes*), $110, $100 and $90.

And, you know what I think? I think the news networks are starting to run out of reasons to explain crude oil's record-breaking streak. Come on, what is this - the Nigerian attacks should have already been factored into the price, the US service economy seems to be improving but these are two-day-old news by now. And then there was the inventory report - inventories went up and the price went *up*. Incredible situation.

See also :

1. Crude oil hits $122.73 record on supply disruptions and global demand
2. Crude oil hits $120.36 record on Nigeria, economic data
3. Crude oil hits $120.21 record upon attack on Shell Nigeria facility
4. OPEC chief warns of $200 a barrel oil price as NYMEX crude oil hits $119.93 record

(2008-05-08 10:53:20 SGT) [Energy] Permalink

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