Crude oil settles at record high near $67

[koniyakutz]

Crude oil settles at record high near $67

Prices now 46 percent higher than a year ago

• What's driving oil prices?

Aug. 12: A near-perfect storm of factors is conspiring to drive oil prices to almost daily record highs.

The Associated Press

Updated: 7:25 p.m. ET Aug. 12, 2005

Oil prices settled at a record high near $67 Friday, as U.S. refinery outages looked set to test gasoline supplies in the world’s biggest-consuming nation.

The threat of hurricanes in the Gulf of Mexico and concerns over Iran’s decision to resume uranium-conversion activities also fueled the price increase, analysts said.

But some traders said purely speculative buying was a big factor behind the $10 per barrel surge in just over three weeks.

This is a bubble that will have to burst at some point,” said Mike Fitzpatrick, an oil broker at Fimat USA in New York. A large increase in supply or a noticeable dropoff in demand will be needed to end the buying frenzy, he said.

Light sweet crude for September delivery gained $1.06 to settle at $66.86 a barrel Friday on the New York Mercantile Exchange — the highest close since Nymex trading began in 1983. Crude peaked at $67.10 earlier in the day, up from Thursday’s settlement price of $65.80. On July 20, prices settled at $56.72.

Oil prices are 46 percent higher than a year ago, but they would need to surpass $90 a barrel to exceed the inflation-adjusted peak set in 1980.

Gasoline futures climbed to $1.990 a gallon, an increase of 4.92 cents. Heating oil futures rose 0.7 cent to $1.9050 a gallon.

[minsmarine]

Hmm. time to set my light timer to reduce.

bad bad bad

[Tigger]

JB petrol, here I come!

[minsmarine]

JB petrol, here I come!

Tigger's car is stopped @ JB Causeway, the police officer told him that that car has speeding record and lot of summons to settle.

After so many bla bla bla

Tigger decided to show in one blue note. So end up , paying more for petrol :)p

[Lester]

Tigger's car is stopped @ JB Causeway, the police officer told him that that car has speeding record and lot of summons to settle.

After so many bla bla bla

Tigger decided to show in one blue note. So end up , paying more for petrol :)p

hehe bribe ????

[minsmarine]

Hello, I said show in lar no brible hee hee.

after showing tigger dorp it to the road side lar.

So the police take from the road.

So there was no contract, no cheating ok.

one of my true story Geeez still left with 20s have not settled yet.

[Melvyn Tan]

Harvest time for the blue uniform personnel over at the other end.