"It's going crazy"

Crude oil climbed above $93 a barrel for the first time, extending this month's gain to 16 percent, after Mexico shut down a fifth of its production because of a storm and the dollar fell to a record low. Petroleos Mexicanos, the state-owned oil monopoly and third- largest supplier of crude to the U.S., shut output of about 600,000 barrels, said Carlos Ramirez, a company spokesman in Mexico City.

The dollar dropped to $1.4426 per euro, the weakest since the introduction of the 13-nation common currency in 1999. Crude oil for December delivery rose as much as $1.33, or 1.5 percent, to an all-time high of $93.19 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

"It's going crazy, shooting up way too fast," said Tetsu Emori, chief commodities strategist at Astmax Futures Ltd. in Tokyo. "It's only a matter of time before it hits $100. It may be today, tomorrow or in the next few days or weeks."

- Update : It's going crazier yet. The new record is $93.80.

(2007-10-29 13:22:54 SGT) [Energy] Permalink

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