Friday October 19, 2007

Crude oil reaches record $90.02 after dollar drops against euro

bloomberg.com :

Crude oil rose to a record $90 a barrel in New York after the U.S. dollar fell against the euro, enhancing the appeal of commodities as an investment. Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy when the bank next meets Oct. 31. Interest-rate futures show a 70 percent likelihood the Fed will lower its target rate for overnight loans a quarter-percentage point to 4.5 percent.

Crude oil for November delivery reached $90.02 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest price since trading began in 1983. It was at $89.54 at 9:58 a.m. in Singapore. The contract rose $2.07, or 2.4 percent, to $89.47 yesterday, a record close. Oil futures set records the past four days on concern supplies from northern Iraq may be disrupted if Turkey takes military action against Kurdish rebel bases in the region.

- Welcome to $90 oil.

See also :

1. Oil surges to record $88.20 (17 Oct 2007)
2. Oil futures hit new record above $86 (16 Oct 2007)
3. Crude oil hits $84.35 record (15 Oct 2007
4. NYMEX oil hits $84.10 (21 Sep 2007)

(2007-10-19 10:17:27 SGT) [Energy] Permalink Comments [1]

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