Oil Prices Hit Record $115.45
Source: Alalam TV, 17-04-2008
LONDON--The price of New York crude oil hit a record high 115.45 dollars on Thursday, boosted by falling US energy reserves and a weak dollar that attracts investors into commodities, analysts say.
New York's main oil futures contract, light sweet crude for delivery in May, later stood at 115.27 dollars, up 34 cents from Wednesday's close.
At the same time, Brent North Sea crude for June delivery soared to a historic peak of 113.29 dollars on Thursday. It later stood at 113.13 dollars, up 47 cents from Wednesday.
Tony Nunan of Mitsubishi Corp.'s international petroleum business in Tokyo said "Prices could definitely hit 120 (dollars) within the week."
The US government's Department of Energy (DoE) said Wednesday that US energy stockpiles tumbled in the week ending April 11.
US crude inventories slumped 2.3 million barrels last week compared with the consensus forecast for a drop of 1.8 million.
US gasoline or petrol stocks fell 5.5 million barrels last week, considerably more than market expectations for a fall of 1.8 million barrels.
The sliding US currency makes dollar-priced goods, like crude oil, cheaper for foreign buyers and therefore stimulates demand.
On Thursday, the European single currency rose as high as 1.5977 dollars, not far off the historic peak of 1.5979 that was forged on Wednesday.
Oil prices crossed the 100-dollar psychological barrier on January 2 for the first time and have continued to climb, causing an outcry from the US, the world's biggest energy consumer, and others.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), which produces 40 percent of global oil output, on Wednesday rejected calls from oil-consuming countries for the cartel to act to lower prices.
Iranian Oil Minister Gholam Hossein Nozari told an oil conference in Tehran: "Why should OPEC try to lower the prices, despite the demands from the United States and Britain?"
"They can go on demanding what they want," he said.
LONDON--The price of New York crude oil hit a record high 115.45 dollars on Thursday, boosted by falling US energy reserves and a weak dollar that attracts investors into commodities, analysts say.
New York's main oil futures contract, light sweet crude for delivery in May, later stood at 115.27 dollars, up 34 cents from Wednesday's close.
At the same time, Brent North Sea crude for June delivery soared to a historic peak of 113.29 dollars on Thursday. It later stood at 113.13 dollars, up 47 cents from Wednesday.
Tony Nunan of Mitsubishi Corp.'s international petroleum business in Tokyo said "Prices could definitely hit 120 (dollars) within the week."
The US government's Department of Energy (DoE) said Wednesday that US energy stockpiles tumbled in the week ending April 11.
US crude inventories slumped 2.3 million barrels last week compared with the consensus forecast for a drop of 1.8 million.
US gasoline or petrol stocks fell 5.5 million barrels last week, considerably more than market expectations for a fall of 1.8 million barrels.
The sliding US currency makes dollar-priced goods, like crude oil, cheaper for foreign buyers and therefore stimulates demand.
On Thursday, the European single currency rose as high as 1.5977 dollars, not far off the historic peak of 1.5979 that was forged on Wednesday.
Oil prices crossed the 100-dollar psychological barrier on January 2 for the first time and have continued to climb, causing an outcry from the US, the world's biggest energy consumer, and others.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), which produces 40 percent of global oil output, on Wednesday rejected calls from oil-consuming countries for the cartel to act to lower prices.
Iranian Oil Minister Gholam Hossein Nozari told an oil conference in Tehran: "Why should OPEC try to lower the prices, despite the demands from the United States and Britain?"
"They can go on demanding what they want," he said.
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