Sunday April 20, 2008

Crude oil hits record $117, breaking records 5 days in a row

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

Crude oil futures surged to a new trading record of $117 a barrel on Friday [18 Apr 2008] following an attack on a key pipeline in Nigeria. The rally capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies. Light, sweet crude for May delivery spiked to a new trading record of $117 in after-hours electronic trading Friday on the New York Mercantile Exchange [NYMEX]. It was the fifth day in a row crude prices set new records.

- This past week has been absolutely smashing. Records-wise, that is. We were at $110.14 Friday last week, and this past Friday, the closing price was $116.69, a jump of $6.55 or 5.9%. All through the week, oil has been breaking one record after another every single trading day.

The next potential resistance level looks closer to $130 than $120. With ongoing currency devaluation, the sky is the limit but for the foreseeable future the next resistance levels after that are around $150, $180 and $200. Support levels are around $110, $100, $90 and $85.

This past trading session has also witnessed a divergence where the gold price got hammered by over $30 to drop down from around $944 to close out at $916.20. It looks like there has been some intervention going on to prevent a total meltdown of USDX, the US Dollar Index, from the 72 consolidation level down to 70 or below.

Stepping back a bit, here's the 3-year historical crude oil price chart :

See also :

1. Oil rises to record $115.21 on unexpected inventory drop
2. Crude oil hits $114.08 record as investors turn to commodities
3. Crude oil rises to record $112.48 on falling dollar
4. Oil hits $111.00 high, breaking records 7 trading days in a row

(2008-04-20 17:46:03 SGT) [Energy] Permalink

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