Re: Oil over $51 a barrel

From: Dez Akin (dezakin_at_usa.net)
Date: 10/06/04 

Date: 6 Oct 2004 10:59:27 -0700

"Yang" <yang@xyz.com> wrote in message news:<X_B8d.7104$Rf1.1234@newssvr19.news.prodigy.com>...
> Oil over $51 a barrel
> Monday's retreat in oil prices offered only a temporary respite as crude
> futures surged over $51 a barrel in New York trading.
>
> Crude-oil futures were pushed to records on concern that 484,000 barrels of
> daily production from the U.S. Gulf of Mexico remains shut in because of
> last month's hurricanes, and on doubts that last week's peace accord between
> Nigeria and rebel groups in the Niger Delta will hold, says Tim Evans, a
> senior analyst at IFR Energy Services.
>
> Crude climbed as high as $51.25 a barrel in late New York trading -- that's
> the highest level the futures market has ever seen.

Demand drives it. Expect the price to go higher as China and India
industrialize. Supply is short to come on line because everyone's
memory is too crisp of dumping oil into the asian financial crisis
until prices were $12 a barrel. So new supplies wont be coming online
fast enough for the next several years.

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