Rhino
04-18-2006, 11:02 AM
Oil Prices at Record Levels
Tuesday, April 18, 2006
Associated Press
LONDON — Oil prices reached a new high of $70.88 a barrel Tuesday as persistent concerns about Iran's nuclear program and supply disruptions in Nigeria overshadowed a new report from OPEC forecasting weakening global demand.
"We have broken new ground today," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "The market sentiment is bullish, with yesterday's record closing, momentum has been built up to cause a wave of buying."
Light, sweet crude for May delivery on the New York Mercantile Exchange surpassed the previous intraday record of $70.85 a barrel in European electronic trading before easing back to $70.75. That was still 35 cents higher than on Monday, when the contract settled at a record closing price of $70.40 a barrel.............http://www.foxnews.com/story/0,2933,192092,00.html
Tuesday, April 18, 2006
Associated Press
LONDON — Oil prices reached a new high of $70.88 a barrel Tuesday as persistent concerns about Iran's nuclear program and supply disruptions in Nigeria overshadowed a new report from OPEC forecasting weakening global demand.
"We have broken new ground today," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "The market sentiment is bullish, with yesterday's record closing, momentum has been built up to cause a wave of buying."
Light, sweet crude for May delivery on the New York Mercantile Exchange surpassed the previous intraday record of $70.85 a barrel in European electronic trading before easing back to $70.75. That was still 35 cents higher than on Monday, when the contract settled at a record closing price of $70.40 a barrel.............http://www.foxnews.com/story/0,2933,192092,00.html