Oil price hits record high

AFP
Thursday, July 3, 2008

WORLD oil prices hit a new record high above $US145 per barrel today, as the market was energised by Middle East tensions, falling US crude reserves and the weak dollar, traders said.

Brent North Sea oil for August delivery surged to a life-time peak of 145.75 dollars at about 5am GMT (3pm AEST). The contract later stood at 145.33, up 1.07 dollars from the close yesterday.

New York’s main oil contract, light sweet crude for August delivery, also touched a record high at 144.61 dollars a barrel today. It later traded at 144.59 dollars, up 1.02 dollars from yesterday.

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The latest record-breaking price surge came after Iranian Oil Minister Gholam Hossein Nozari had said yesterday that the key oil producer would react fiercely to any attack against it.

“Iran, if there were any kind of activity of any sort, is not going to be quiet and would react fiercely,” he said on the sidelines of the World Petroleum Congress in Madrid.

He said oil prices, which have been driven to record levels partly because of fears about the loss of Iranian output, would rise radically if Israel or the US launched a military strike.

Crude futures, which have doubled in value over the past year, were also driven by news that American crude stockpiles fell by 2.0 million barrels in the week to June 27.

Full article here.

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3 Responses to “Oil price hits record high”

1. Luke Says:
   July 3rd, 2008 at 6:44 am

   Beautiful, I love it! I had a teacher in my concentration camp who said that the U.S. should attack Iran, people are just so stupid. Do you have any idea what impact that would have on oil prices? But hey, if they want World War III they’re are going to get it.

2. Ian Says:
   July 3rd, 2008 at 8:18 am

   Alex Jones runs around screaming, it’s the dollar stupid ! No ones talking about it !

   But really if you bother to track the price of oil in all the other major currencies you can see, although the dollar has been having an impact but Americans, it’s not the driving force.
   http://europe.theoildrum.com/node/3106

   Indeed if you bother to check European news you may have noticed that people have been rioting all over Europe at the high cost of oil and diesel.

   Although I agree with Alex Jones on many issues, when it comes to oil he doesn’t have his facts straight, at all. He’s not even close.

   In 1999 the price of oil briefly went below 10 dollars a barrel. Now it’s nearly 150, has the dollar devalued 15 times since then ? I don’t think so.

3. Leo Says:
   July 4th, 2008 at 5:01 pm

   Is it not what the Bush people want ???….more money for his oil buddies and crapping the dollar so the middle class be wiped out ?
   Martial Law is in progress at this time, have you not noticed law enforcement people acting like Blackwater ???