Oil prices reach fresh 2007 peaks

[rodeodance]

""up up and away, in my beautiful ballllllllon"


http://www.middle-east-online.com/english/?id=19815

First Published 2007-03-01, Last Updated 2007-03-01 15:24:05



Oil prices reach fresh 2007 peaks


Prices of Brent North Sea crude, light sweet crude gain 70, 55 cents respectively on weakening US energy stockpiles.


LONDON - World oil prices rose on Thursday to the highest levels since December as traders focused on weakening US energy stockpiles and shrugged off declines in global equity markets.

In London, the price of Brent North Sea crude for April delivery gained 70 cents to 62.59 dollars per barrel in electronic trading, after earlier striking 62.74 dollars - the highest level since December 26.

New York's main oil futures contract, light sweet crude for delivery in April, added 55 cents to 62.34 dollars per barrel in electronic deals before the official opening of the US market. The contract earlier hit a peak of 62.49 dollars which was last seen also on December 26.

Crude futures had sustained losses after a huge global equities sell-off earlier this week, but have since recovered as traders took the view the Chinese economy - and its voracious demand for oil - was strong enough to withstand the stock market dive.

[meldroc]

1. Elections are over, back to profiteering!!!

I'm seeing prices between $2.40 and $2.50 at the pumps now, up from a low of $1.99/gallon right around the elections. Why am I not surprised?

We may want to start writing our Congressmen - see if we can get them to start issuing subpoenas and demanding that the oilmen explain themselves...

[Junkdrawer]

2. Now wait. They held back 3 whole months so that it wouldn't be too obvious....

Doesn't that count for something? :shrug:

[madrchsod]

3. it got cold in the usa and some other factors but

the the big factor is the iran war talk..talking up the war is the major factor because no one in the market trusts george bush.although they make a lot of money but they do not like the risks.