Friday June 27, 2008

NYMEX crude oil hits $142.26 record, investors flee falling stock markets

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

bloomberg.com :

Crude oil rose above $142 a barrel for the first time as falling stock markets spurred investment in commodities. Oil has gained 46% this year as concern that the economy may head into a recession pushed the global equity markets [MSCI World Index] down 12%. Crude oil for August delivery climbed to a record $142.26 per barrel today. Yesterday, the contract hit a record of $140.39 as Libya threatened to cut output and OPEC's president said prices may reach $170 within months.

- This is the second trading day in a row that crude oil prices have hit a record on the NYMEX. If we were to get another of these 5-trading-days- or 7-trading-days in-a-row records then we could be on track to hit $150 oil faster than many people might expect. Beyond that, the next resistance level would be $180, and then on to a big fat $200. Expect lots of hue and cry when oil does reach $200 per barrel. So it looks like it was a good move for the fund I am managing to have gotten in at around $130 support. I was sort of semi-waiting for $120 and was going to setup a buy order for that level but of course that did not materialize. Oil is in a bull market, and we haven't seen anything yet!

See also :

1. Crude oil hits $140.39 record on NYMEX as Libya warns of output cut
2. NYMEX crude oil hits $139.89 record despite Saudi pledge to increase production
3. Crude oil price rises by unprecedented $11.33 to reach new $139.12 record on NYMEX
4. Crude oil hits $135.04 record on unexpected drop in US inventories

(2008-06-27 22:52:43 SGT) [Energy] Permalink

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