18/09/2007

Oil Rises to Record $81.18

Once more humanity faces what the oil companies and some goverments whant... Crude oil rose above $81 a barrel for the first time in New York, this is caused because of speculation U.S. oil and gasoline stockpiles extended declines as refiners slowed operations with the passing of the nation's summer driving peak.... i dont understand, if the summer driving peak is over than why increase the fuel price...speculation of course...

According to information from the Energy Department the report will probably show U.S. oil stockpiles fell 2 million barrels last week, according to an analyst survey, the 10th decline in 11 weeks.

So now we face the fact that this market probably has the legs to get up to $83-$84 a barrel!

Crude oil for October delivery rose to $81.18 a barrel, The contract rose , to $80.57 yesterday, the highest closing price since trading began in 1983.

Oil stockpiles in the U.S., the world's largest consumer, held 322.6 million barrels on Sept. 7, 2.7 percent less than a year earlier.

The Organization of Petroleum Exporting Countries last week said it will release an additional 500,000 barrels of oil a day into the market beginning Nov. 1 to help meet fourth-quarter demand. OPEC produces about 40 percent of the world's oil.

For Europe the important news is that

Brent crude oil for November rose to $76.98 a barrel on the London-based ICE Futures Europe exchange yesterday.
SO THERE SHOULD BE NO REASON FOR THE LOCAL OIL COMPANIES TO INCREASE THE FINAL CONSUMER PRICE AS IT IS ALREADY
ONE OF THE MOST EXPENSIVE IN THE WORLD.

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