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SPECULATION and only SPECULATION can cause crude oil to keep reaching news records, if no action is taken humanity itself is in risk...there will be no turning back..today crude rose above $120 a barrel to a record in New York after a report showed that U.S. service industries expanded in April, signalling higher energy use.
Crude oil for June delivery climbed $3.65, or 3.1 percent, to settle at $119.97 a barrel at 2:42 p.m. on the New York Mercantile Exchange. It was the highest closing price since trading began in 1983. Futures surged to an all-time intraday high of $120.36 a barrel today.
The Institute for Supply Management's index of non- manufacturing businesses, which make up almost 90 percent of the economy, grew for the first time since December, the Tempe, Arizona-based group said today. The report came after an oil pumping station was attacked in Nigeria.
The ISM report probably gave us a little bit of a bounce psychologically, maybe the demand for oil is going to rebound.