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Log inOil price hits record above 129 dollars
Oil price hits record above 129 dollars
by Outspoken on Tue May 20, 2008 8:16 pm
Oil price hits record above 129 dollars
AFP News Service
NEW YORK (AFP) - Oil soared to a record above 129 dollars a barrel Tuesday as worries about US tensions with Iran heightened speculative fever in a market driven by concerns about tight global supplies and strong demand.
New York's main oil futures contract, light sweet crude for June delivery, traded as high as 129.60 dollars before pulling back slightly to close at 129.02 dollars a barrel, up 2.02 dollars on Monday's close.
London's Brent crude contract for July leapt 2.78 dollars to settle at 127.84 dollars a barrel after briefly hitting a new all-time high of 128.07 dollars.
Eric Wittenauer, analyst at Wachovia Securities, said reports about growing tensions between Washington and Tehran heightened concerns about a conflict that could affect the oil-rich Middle East.
He said the market reacted to an article in the Jerusalem Post that said US President George W. Bush "intends to attack Iran before the end of his term."
"We have certainly not ruled out the possibility of conflict later this year," Wittenauer said.
The market also responded to oil supply disruptions in France and OPEC's unwillingness to hike output, analysts said.
"Overall, (oil) market participants are currently choosing to focus on the supply side, with investors doubting that robust demand for distillate fuels from Asian, Middle Eastern and other emerging market economies would be met with enough supply," said Sucden analyst Andrey Kryuchenkov.
French fishermen demanding state aid to cope with soaring fuel costs blockaded France's largest Mediterranean oil depot at Fos-sur-Mer on Tuesday, escalating a 10-day protest movement.
Around 50 fishermen used tires and crates to set up roadblocks cutting access to the Fos-sur-Mer depot, causing a traffic jam of some 100 tanker trucks that were lined up waiting to enter.
Bank of Ireland analyst Paul Harris meanwhile said that OPEC's refusal to consider output levels before a meeting in September was "further weighing on supply concerns and adding to upward price impetus."
http://news.yahoo.com/s/afp/20080520/bs_afp/commoditiesenergyoilprice_080520194636;_ylt=Aoyww1IipWscg.twu3pOAn2s0NUE
AFP News Service
NEW YORK (AFP) - Oil soared to a record above 129 dollars a barrel Tuesday as worries about US tensions with Iran heightened speculative fever in a market driven by concerns about tight global supplies and strong demand.
New York's main oil futures contract, light sweet crude for June delivery, traded as high as 129.60 dollars before pulling back slightly to close at 129.02 dollars a barrel, up 2.02 dollars on Monday's close.
London's Brent crude contract for July leapt 2.78 dollars to settle at 127.84 dollars a barrel after briefly hitting a new all-time high of 128.07 dollars.
Eric Wittenauer, analyst at Wachovia Securities, said reports about growing tensions between Washington and Tehran heightened concerns about a conflict that could affect the oil-rich Middle East.
He said the market reacted to an article in the Jerusalem Post that said US President George W. Bush "intends to attack Iran before the end of his term."
"We have certainly not ruled out the possibility of conflict later this year," Wittenauer said.
The market also responded to oil supply disruptions in France and OPEC's unwillingness to hike output, analysts said.
"Overall, (oil) market participants are currently choosing to focus on the supply side, with investors doubting that robust demand for distillate fuels from Asian, Middle Eastern and other emerging market economies would be met with enough supply," said Sucden analyst Andrey Kryuchenkov.
French fishermen demanding state aid to cope with soaring fuel costs blockaded France's largest Mediterranean oil depot at Fos-sur-Mer on Tuesday, escalating a 10-day protest movement.
Around 50 fishermen used tires and crates to set up roadblocks cutting access to the Fos-sur-Mer depot, causing a traffic jam of some 100 tanker trucks that were lined up waiting to enter.
Bank of Ireland analyst Paul Harris meanwhile said that OPEC's refusal to consider output levels before a meeting in September was "further weighing on supply concerns and adding to upward price impetus."
http://news.yahoo.com/s/afp/20080520/bs_afp/commoditiesenergyoilprice_080520194636;_ylt=Aoyww1IipWscg.twu3pOAn2s0NUE
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