Saturday June 28, 2008

NYMEX crude oil price hits $142.99 record as world stock markets tumble

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

channelnewsasia.com :

Oil prices struck fresh record highs over $142 on Friday [27 Jun 2008] as the US dollar remained weak, while world stock markets tumbled amid economic jitters. The NYMEX crude oil futures contract for Aug 2008 delivery struck an all-time intraday record of $142.99. The jump in oil prices, which have doubled in the past year, has triggered inflation fears and worries that US economic growth could be crimped further. The ailing dollar has fueled demand for oil from traders. OPEC's president predicted Thursday [26 Jun 2008] that oil prices could reach $170 this year because of the weak dollar and geopolitical unrest.

- That is the second time in a day that I have had to put up a "crude oil hits new record high" post. Oil continues its record-breaking run, now 2 trading sessions in a row. It is interesting to see the media start to run out of reaons (or excuses) for oil's rise as it continues to set new records - I mean, how many times can you point to a weak dollar, speculation, geopolitical unrest, and so on, as each of these factors is only partly responsible for the big picture, while the real overall drivers are the fundamentals of supply and demand.

So, onward to $150 oil, and then $180, $200, $300 and over $400. These are the resistance levels on the upside. And I've been waiting to say this but it has come faster than I thought : we might have the makings of a $140 support level, and these support levels continue to come in at $10 intervals : $130, $120, $110 and $100. And I wouldn't really hang around and wait for those last 2 support levels. Oil is in a bull market, and we haven't seen anything yet.

See also :

1. NYMEX crude oil hits $142.26 record, investors flee falling stock markets
2. Crude oil hits $140.39 record on NYMEX as Libya warns of output cut
3. NYMEX crude oil hits $139.89 record despite Saudi pledge to increase production
4. Crude oil price rises by unprecedented $11.33 to reach new $139.12 record on NYMEX

(2008-06-28 07:14:25 SGT) [Energy] Permalink

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