Oil climbed to a life-time high above a barrel on Wednesday, driven higher by a combination of long-term production worries and a near-term focus on tight fuel stocks. A United States government report later on Wednesday was expected to show crude inventories rose for a fifth straight week.
Oil held above a barrel on Wednesday, within sight of the previous session’s record high, supported by a weak United States dollar and concern about supplies. Attention will shift later to a US government report expected to show that crude inventories rose for a fifth straight time last week while petrol and distillates supplies also increased.
T Boone Pickens is famous for thinking big. He founded his Texan oil company, Mesa Petroleum, in 1956 with just 500 in the bank. After a string of audacious takeovers he turned it into an independent empire that challenged the big oil companies, and today he is worth -billion. Now this straight-talking Southerner is launching the biggest and most audacious project of his career.