According to information published worldwide, Crude oil rose to a record $80.18 a barrel in New York ... the reason is once more and as always U.S. oil inventories fell greater-than-expected, supplies dropped the most this year! Prices also rose after OPEC said it would increase production by 500,000 barrels a day, less than is needed to meet a seasonal rise in demand.
Crude oil for October delivery rose to $79.91 a barrel . on the New York Mercantile Exchange, a record close. Futures also touched the highest intraday price since trading began in 1983. The previous record of $78.77 was reached on Aug. 1.
Brent crude oil for October settlement rose to $77.68 a barrel on the London-based ICE Futures Europe exchange, the highest since Aug. 7, 2006.
The world faces a serious energy problem and there are certasin OPEC members that want to continue holding the rest of the world " captive", they are
Venezuela, Algeria, Iran and Libya...according to them the world is adequately supplied with oil...
In any case what i think and many others are of the same opinion is that There's a feeling that OPEC waited too long to increase production...
Lets wait and see the outcome of this situation.
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