Oil hit a new record near a barrel on Monday, boosted by a string of bullish factors that include a United Kingdom refinery strike and disruptions to Nigeria’s output that highlight the market’s anxieties over threats to supply. Prices held firm below earlier highs, despite a rally in the US dollar versus the euro and yen.
Oil prices extended a week-long slide on Thursday, briefly tumbling below a barrel for the first time in two weeks amid growing concerns an economic slowdown in top consumer the United States would cut global energy demand. US crude settled down 70 cents to ,84 a barrel after falling as low as ,65 earlier in the session
Oil hit a record high of a barrel on Monday, reversing earlier losses as investors sought oil as a hedge against a depressed dollar and inflation. A rush by financial funds into commodities and political tensions are the prime drivers of a rally that has lifted oil’s average to above for the year.
Oil eased on Tuesday after it reached a record of almost a barrel in the previous session, buoyed by investor demand for commodities as well as expectations Opec will not increase supply despite high prices. United States light crude for April delivery was down 44 cents at ,01 a barrel by 10.30am GMT, after touching a record high of ,95 on Monday.
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/ 27 February 2008
Oil powered to a new record above a barrel on Wednesday, closing in on its inflation-adjusted lifetime peak, as an ailing dollar on worsening United States economic data triggered a surge across commodities markets. US crude stood 15 cents higher at ,03 a barrel by 1pm GMT, off its new record high of ,08.
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/ 15 October 2007
Oil prices surged above a barrel on Monday for the first time after the Organisation of the Petroleum Exporting Countries (Opec) said crude production by non-Opec countries is falling even as global demand for oil is rising. Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq.