Oil hit a new high today

[Bill]

They just announced this on CNN.

$78.23 was the price mentioned, I believe.

OPEC won't raise production, problems with mexican oil, etc.

[Bill]

Yep, it's official.

Sept. 11 (Bloomberg) -- Crude oil rose to a record close of $78.23 a barrel in New York on speculation that OPEC's agreement to increase production by 500,000 barrels a day will be insufficient to meet strengthening demand.

``We are going to need more than 500,000 barrels to meet rising demand,'' said Tom Bentz, a broker at BNP Paribas in New York. ``We are also up on speculation that the interest rates will be cut, which would help the economy and lead to higher demand for oil.''

Saudi Arabia led the group to adopt the increase from OPEC's current production starting in November. Global oil consumption will rise 1.5 percent this year as production stagnates, the Energy Department reported today.


http://www.bloomberg.com/apps/news?pid=20601087&sid=ah4s7YwONHy0&refer=home