Bill
02-20-2008, 05:22 PM
So, after lowering a bit in the night, the continuing expectation that OPEC will refuse to (and maybe CAN'T) increase production, combined with the awareness that the Non-OPEC producers are all going thru declines, and CAN'T increase production (Iraq is the only non-OPEC that might be able to increase production in the future), this is the result.
Both Cushing (american and venezualan and mexican oil) and NYMEX (middle east) oil closed at 100.74, new record highs.
And this is a slow time - driving is reduced in the winter, and there are expectations and signs of economic slowdown around the planet.
But still the price of oil rises - because supply is failing, and demand is increasing, despite the fact that americans are driving less right now.
Mid-day trading also reached new record highs.
http://www.bloomberg.com/energy/
Both Cushing (american and venezualan and mexican oil) and NYMEX (middle east) oil closed at 100.74, new record highs.
And this is a slow time - driving is reduced in the winter, and there are expectations and signs of economic slowdown around the planet.
But still the price of oil rises - because supply is failing, and demand is increasing, despite the fact that americans are driving less right now.
Mid-day trading also reached new record highs.
http://www.bloomberg.com/energy/