Oil Price Hike: Reasons and Impacts
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RIYADH, 6 September 2004 - Oil prices soared to historical record levels approaching $50 a barrel two weeks ago, after ranging at about $10 five years ago.
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Another increase in oil prices due to concerns over Hurricane Ivan&#39;s effect on oil exploration in the Gulf of Mexico didn&#39;t have a large impact on trading.
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Oil prices surged to a new high of $47 a  barrel on Wednesday on evidence from major economies that  energy costs are not substantially slowing the economic growth  that fuels oil demand. Fresh threats by rebel militia in Iraq  against oil facilities helped underpin price gains.
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Oil prices jumped almost $1 to more than $62 a barrel this afternoon after the Organization of Petroleum Exporting Countries announced plans to cut production by 500,000 barrels a day.
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The price of oil jumped to another high on Monday, in part because of dramatic disruptions caused by hurricanes whipping through the Gulf of Mexico.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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Oil prices have jumped nearly $2 a barrel on news of bombings in Saudi Arabia and tighter US fuel supplies. Crude for February delivery rose $1.87 to settle at $43.64 cents a barrel on the New York Mercantile Exchange Wednesday.
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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.
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Singapore - Crude oil prices surged past an unprecedented $55 per barrel Monday, driven by uncertainty over production, high demand and tight global supplies ahead of the Northern Hemisphere winter.
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Oil prices are pushing past the psychological barrier of $50 a barrel Tuesday. Prices are rising in part because of the slow recovery of production in the Gulf of Mexico following Hurricane Ivan.
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WASHINGTON -- High oil prices, a factor in virtually all US recessions over the past three decades, are surging again this year. And the higher crude oil prices climb, the more risk energy costs pose to what, until recently, many expected to be a banner year for the US economy.
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Crude oil prices rose for the second day Thursday as traders worries that the Organization of Petroleum Exporting Countries (OPEC) might trim excess oil output.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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LONDON : Oil prices bolted higher on fears of disruption to production and import activity in the Gulf of Mexico because of Hurricane Ivan, traders said.
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Oil prices rose sharply on Friday as  worries a cold spell in the United States could erode already  depleted winter fuel inventories spurred the market higher.
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Here's a way to benefit from an increase in the global demand for oil.
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World oil prices are on the rise, as Hurricane Ivan threatens to disrupt oil flow in the Gulf of Mexico.