Friday July 14, 2006

Crude oil hits $78.40 - new all-time record high

bloomberg.com :

Crude oil rose above $78 a barrel in New York for the first time as escalating violence in the Middle East and disruptions in Nigeria threatened global supplies. Hezbollah militants fired rockets from Lebanon into Israel's third-biggest city after Israeli forces bombed Beirut international airport and other targets. A Nigerian newspaper reported that rebels had attacked pipelines. Iranian President Mahmoud Ahmadinejad threatened to end Iran's cooperation with international bodies monitoring its nuclear program after the dispute was referred to the UN Security Council.

Crude oil for August delivery rose as much as $1.70, or 2.2 percent, to $78.40 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $77.99 at 8:59 a.m. in Sydney, 35% higher than a year ago.

- A previous interim high of $76.60 didn't last very long either. In rapid succession, in less than one week, we've had record-breaking highs at $75.40, $75.78, $75.89, $76.60 and now a big jump to $78.40. $80.00 is *almost* within reach. We are very near the threshold of "interesting times ahead".

See also :

1. Crude oil hits $75.89, a new record high
2. Oil hits record $75.78 on strong demand
3. US crude oil hits $75.40, a new record high

(2006-07-14 10:23:42 SGT) [Energy] Permalink

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