Oil Prices Climb To Record $100 A Barrel
Oil Prices Climb To Record $100 A Barrel
Closed Ports, Violence In Nigeria Drive Up Oil Prices
January 2, 2008
Crude oil prices have reached $100 a barrel. Traders say the market is reacting to concerns about supply caused by renewed violence in Nigeria.
Also said to be weighing on the market, a warning that Organization of Petroleum Exporting Countries may not be able to meet its share of global demand by 2024.
Word that several Mexican oil ports were closed because of weather is also said to have added to the gains.
One analyst notes that the violence in Nigeria hasn't affected oil exports so far. However, he says that militant attacks have reduced Nigeria's crude output by about 20 percent since 2006.
Still, the warning gave investors pause, said Amanda Kurzendoerfer, an analyst at Summit Energy Services Inc. in Louisville, Ky.
"They're talking about, in 20 years, not being able to meet demand," Kurzendoerfer said.
U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping to $99.42. The previous trading record was $99.29 set Nov. 20.
Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
http://tinyurl.com/ysjb2x
Closed Ports, Violence In Nigeria Drive Up Oil Prices
January 2, 2008
Crude oil prices have reached $100 a barrel. Traders say the market is reacting to concerns about supply caused by renewed violence in Nigeria.
Also said to be weighing on the market, a warning that Organization of Petroleum Exporting Countries may not be able to meet its share of global demand by 2024.
Word that several Mexican oil ports were closed because of weather is also said to have added to the gains.
One analyst notes that the violence in Nigeria hasn't affected oil exports so far. However, he says that militant attacks have reduced Nigeria's crude output by about 20 percent since 2006.
Still, the warning gave investors pause, said Amanda Kurzendoerfer, an analyst at Summit Energy Services Inc. in Louisville, Ky.
"They're talking about, in 20 years, not being able to meet demand," Kurzendoerfer said.
U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping to $99.42. The previous trading record was $99.29 set Nov. 20.
Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
http://tinyurl.com/ysjb2x
bin66 - 3. Jan, 00:14
