SINGAPORE -- The price of oil rose to a new record above US$96 a barrel on Thursday after a surprise drop in US crude stockpiles raised concerns about supplies for the coming winter demand.
A further weakening of the US dollar as a result of the Federal Reserve’s move to cut interest rates by a quarter point and data showing strong US economic growth also contributed to the oil price spike.
Analysts said they didn’t see anything standing in the way of a run to US$100 per barrel after the Organization of Petroleum Exporting Countries (OPEC) continued to resist calls for more oil production. OPEC said the roaring market was beyond its control, with the cartel blaming speculation and politics for the surge in price.
Here we go....
2 comments:
You'll need a bigger sign when the price gets up to ROFL.
I'm afraid when it gets to the ARRRGGHHH that we will hear more *sniff sniff* BANG! from those who must buy gas for their businesses...
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