September 13, 2007 - The price of New York crude oil prices dropped today as traders took profit after US crude stocks fell and drove oil futures in the previous session after scaling an historic high above $80 per barrel for the first time the previous day.
Although a decision Tuesday by the Organization of the Petroleum Exporting Countries (OPEC) to pump an extra 500,000 barrels of oil per day from the start of November will only provide little relief to the tight market, analysts have said.
The contract had climbed as high as $80.18 per barrel yesterday before settling at a record close of $79.91 a barrel. New York's main futures contract, light sweet crude for delivery in October fell 16 cents to 79.75 dollars per barrel.
But losses were limited owing to support gained from concerns over another drop to US crude stockpiles and the prospect of even tighter oil supplies should energy facilities be damaged by Hurricane Humberto.
OPEC's "basket" price of crude oil, based on production in 12 different countries, rose to a record 74.21 dollars a barrel on Wednesday, the cartel announced Thursday.
2 comments:
Who are manipulating the prices of crude oil? OPEC or traders ?
If the cruel oil reach US$100, then another economy crisis again.
Can we find the ways to replace oil before too late?
Post a Comment