Oil hits $111.00 high, breaking records 7 trading days in a row

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

news.bbc.co.uk :

Oil prices rose to fresh highs for the seventh trading day in a row as the rush to assets considered safer than the falling dollar continued. US crude gained more than $1 to touch $111 a barrel, before falling back slightly to close at $110.33. Meanwhile, EIA analysts have predicted that oil demand will slow as the US economy, the world's largest oil guzzler, runs out of steam. And Opec, the group of nations responsible for 40% of the world's oil exports, has echoed this view, refusing to increase output.

Investors are putting cash into oil and commodities like gold as a refuge from the dollar and volatile world stocks. Oil prices rose despite US data showing a surprise rise in crude inventories. "Oil and other commodities have an intrinsic value to the extent that the US dollar depreciates, (oil) becomes relatively cheaper in terms of other currencies, such as the euro," said David Moore, a commodity strategist with the Commonwealth Bank of Australia. "So you get an adjustment to compensate for that effect."

- It looks like oil didn't want to stop at $110 and just had to go one dollar higher. It has since dropped back and is consolidating just below $110. Could it be building a base to spring to test resistance at $120 or is it going to drop back to support at $100? Even as a raging oil bull, I am starting to wince a bit here. I mean, come on, breaking all-time record highs 7 trading days in a row? And around the same time, gold hitting $1000 an ounce for the first time ever? This is phenomenal.

Post a Comment:

Comments are closed for this entry.

« Gold hits $1000 an... | Main | ABC Guide to Beating... »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out