Wednesday February 27, 2008

Crude oil hits $102.08 as weak dollar boosts commodities prices

bloomberg.com :

Crude oil rose to a record as a weakening dollar spurred investors to buy commodities priced in the U.S. currency. Futures jumped in New York and London as the dollar fell to an all-time low against the euro. Crude oil for April delivery $1.20 to $102.08 a barrel in electronic trading on the New York Mercantile Exchange. The dollar weakened to $1.5055 a euro, the lowest since the European single currency was introduced in 1999.

OPEC crude-oil supply will fall 200,000 barrels a day, or 0.6%, to 32.45 million barrels a day this month, according to preliminary estimates from PetroLogistics Ltd. The group supplied 32.65 million barrels a day in January, data from the Geneva-based tanker-tracking service showed. Ministers from the 13 members of the Organization of Petroleum Exporting Countries are scheduled to meet in Vienna on March 5 to discuss oil quotas. OPEC produces more than 40% of the world's crude oil.

- Crude oil has been smashing records lately. I see support levels at $100, $95, $89 and $85 and I don't think it will hit the last 2 or 3.

See also :

1. US dollar sinks to new lows, gold price hits $955.70 all-time record, crude oil hits $101.43 record high
2. Crude oil hits $101.32 on increased demand, rate cuts

(2008-02-27 23:29:45 SGT) [Energy] Permalink

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