Everything imaginable is going wrong as far as the oil market is concerned..Once more we are facing a situation were another nation is using a excuss to invade Iraq...sure they may have a problem with the Kurdish militants, a two-decade war for independence from Turkey at the cost of almost 40,000 lives... .what they really want are the oil fields ...which has the world's third-largest oil reserves.. Crude oil rose above $85 a barrel for the first time in New York on concern Turkish forces may pursue Kurdish militants in Iraq, curbing shipments as refiners prepare for the peak-demand heating season.
Crude oil for November delivery rose , to $85.30 a barrel . on the New York Mercantile Exchange. Futures reached $85.48, the highest since the contract was introduced in 1983. This is the fifth straight daily increase. Prices are 46 percent higher than a year ago.
Brent crude oil for November settlement rose to $82.07 a barrel on the London-based ICE Futures Europe exchange. Brent reached $82.23, the highest since the contract was introduced in 1988.
Today's intraday high passed the previous all-time inflation-adjusted record reached in 1981 when Iran cut oil exports. The cost of oil used by U.S. refiners averaged $37.48 a barrel in March 1981, according to the U.S. Energy Department, or $84.73 in today's dollars.
The other concern is once we get some winter weather, prices will really take off ...
No comments:
Post a Comment