Reuters: Oil hits new high over $73 on Iran

[Eugene]

Oil hits new high over $73 on Iran
Wed Apr 19, 2006 11:12 AM ET

By Simon Webb

LONDON (Reuters) - Oil hit a new high above $73 a barrel on Wednesday
on fears Iran's intensifying dispute with the West may hit oil supplies
and after a sharp fall in U.S. gasoline stocks.

London's Brent crude <LCOc1> was up 16 cents at $72.67 a barrel at 1449 GMT
after peaking at a fresh record of $73.34.

U.S. gasoline stocks slumped 5.4 million barrels last week, government data
released on Wednesday showed. That was a larger fall than the 2.5 million
barrels expected among analysts polled by Reuters <EIA/S>.

<snip>

Gasoline prices have soared faster than crude since the start of April
as inventories dwindle, while refiners run down stocks ahead of changes
to more environmentally-friendly fuels in May.

<snip>

Full article: http://today.reuters.com/business/newsarticle.aspx?type=ousiv&storyID=2006-04-19T151336Z_01_SP70089_RTRIDST_0_BUSINESSPRO-MARKETS-OIL-DC.XML

[Inland]

1. Bush's fault: markets reacting entirely to risk of Iran invasion. nt

[RB TexLa]

5. That and the Nigerian supply issues, the upcoming OPEC meeting

the latest economic growth reports in China, statements from the IMF, Russian delivery infrastructure issues and some other things as well.

[Inland]

7. But those have been around for a while

Everything else is in the "no surprises here" category. The concept of Bush nuking Iran and Iran taking it out on the gulf states, that's new.

[TheFarseer]

2. please for the love of God

STOP THREATENING IRAN

[Vexatious Ape]

3. Watch who the hectoring fascist right wingers blame on this...

They'll blame it on the environmentalists

Snip.
Gasoline prices have soared faster than crude since the start of April
as inventories dwindle, while refiners run down stocks ahead of changes
to more environmentally-friendly fuels in May.

[McCamy Taylor]

4. More money in the GOP coffers.

[depakid]

6. Key points from the article

"Brent has hit fresh records in each of the last seven sessions as the loss of a quarter of Nigerian oil supply has tightened European markets more than the U.S., where crude stocks are at their highest level for nearly eight years.

"The International Monetary Fund said on Wednesday the impact of higher oil prices on the global economy was a growing concern. The IMF said in its semiannual World Economic Outlook that it was worried the full effects of the surge in energy prices had yet to be felt."

"Several OPEC ministers have said there is nothing more that the group can do to bring down oil prices, as it is already pumping near full tilt."

Tic Toc....