High crude here to stay
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Oil dipping almost $1 doesn&#39;t signal the beginning of a major retreat, say commodities experts who suggest crude might never fall below $40 US a barrel again.
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ABU DHABI - Opec vowed yesterday to do what it can to deflate record high oil prices that have soared above $53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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Investor's Business Daily - 1 Oct. crude shot up $1.68 to $79.91, an all-time high, after the gov&#39;t reported steeper-than-expected drawdowns in supplies. Those stocks fell 7.1 mil barrels last week, far more than the 2.4 mil barrels forecast. Heating oil surged 3.64 cents to $2.2191 a gallon, also a record. Analysts say heating oil supplies aren&#39;t as high as they should be this near to the winter season.
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Crude oil in New York traded near a record high as US producers in the Gulf of Mexico struggled to restore output cut by Hurricane Ivan at a time when refiners are trying to build up winter-fuel supplies.
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Higher crude prices raise gasoline costs, increasing inflation, and lowering crude prices.
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Crude oil surged to a four-week high, bringing the gain this week to almost $3 a barrel, on concern that shutdowns caused by Hurricane Ivan would further reduce inventories.
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Oil prices struck another record high on Thursday and remained supported above &#36;47 by a fall in U.S. crude stockpiles and threats by insurgents in Iraq against oil facilities.
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Oil prices were hovering close to last weekâs record high today after breaking through the $50 mark again. Production problems in the Gulf of Mexico due to the impact of Hurricane Ivan continued to have
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Record-setting natural gas and oil prices are teaming up to create a winter of discontent for many households. With crude oil breaking $50 a barrel and continuing to climb, it is time to consider how to offset
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Supplies of crude oil continue to swell in the United States, but don't expect that to translate into lower gas prices any time soon, one expert says.
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LOS ANGELES - Gasoline prices have climbed nearly 8 cents a gallon in the last two weeks because of record-high crude oil prices, and they are likely to continue rising, an industry analyst said Sunday.
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NEW YORK, Sept 27  - Oil futures jumped to their highest closing on record Monday on the New York Mercantile Exchange, rising 76 cents to 49.
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If you think oil price are high now, wait till Wednesday.
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US crude leapt about $1.50-a-barrel yesterday as petroleum giants evacuated thousands of workers from the Gulf of Mexico ahead of Hurricane Ivan.
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Profit margins should continue to expand at Oil-Dri.
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U.S. crude oil futures rose to a fresh  six-week high on Friday as frigid weather swooped into the  Northeast heating oil market, threatening to strain already  tight winter fuel stockpiles.
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Oil futures reached their highest level in two weeks Friday as investors who had expected lower prices were forced to cover their bets amid colder weather and rising fuel demand.