Oil prices push closer to all-time highs
Sunday, 15 July 2007
NEW YORK, July 14 (AFP): Crude oil futures raced closer to all- time record highs yesterday as speculative buying picked up amid tight US fuel supplies, analysts said.
New York's main oil futures contract, light sweet crude for delivery in August, climbed 1.43 dollars to close at 73.93 dollars a barrel, and briefly topped 74 dollars for the first time since August 11, 2006.
The market action came exactly one year after New York crude hit its all-time high of 78.40 dollars a barrel.
In London, Brent North Sea crude for August delivery leapt 1.17 dollars to settle at 77.57 dollars-the highest point since August 10, 2006 and about one dollar away from the record of 78.64 hit three days earlier.
Prices were also lifted by news that the International Energy Agency has lifted its 2008 forecast for oil product demand by 2.5 per cent to 88.2 million barrels a day.
Prices over the week have risen over one dollar a barrel in New York and two dollars in London.
It also emerged Wednesday that US gasoline or petrol reserves had climbed by 1.2 million barrels to 205.6 million in the week ending July 6. That beat analysts' forecasts of a gain of 825,000 barrels.
New York's main oil futures contract, light sweet crude for delivery in August, climbed 1.43 dollars to close at 73.93 dollars a barrel, and briefly topped 74 dollars for the first time since August 11, 2006.
The market action came exactly one year after New York crude hit its all-time high of 78.40 dollars a barrel.
In London, Brent North Sea crude for August delivery leapt 1.17 dollars to settle at 77.57 dollars-the highest point since August 10, 2006 and about one dollar away from the record of 78.64 hit three days earlier.
Prices were also lifted by news that the International Energy Agency has lifted its 2008 forecast for oil product demand by 2.5 per cent to 88.2 million barrels a day.
Prices over the week have risen over one dollar a barrel in New York and two dollars in London.
It also emerged Wednesday that US gasoline or petrol reserves had climbed by 1.2 million barrels to 205.6 million in the week ending July 6. That beat analysts' forecasts of a gain of 825,000 barrels.