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Signal Oil Gas - Oil price reaches record one more time |
23rd May 2008, 15:34 |
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Signal Oil Gas Company - Oil price reaches 129 dollars for first time
The price of oil rocketed to a record high of 129.31 dollars per barrel on Tuesday on concerns about tight global supplies of crude.
Signal Oil Gas Company New York's main oil futures contract, light sweet crude for June delivery, later pulled back slightly to stand at 128.95 dollars a barrel, up 1.90 dollars on Monday's close.
http://www.oil-signaloil.com/
http://www.oil-jimvanblaricum.com/
http://www.signaloilandgascompany.org/services_signal_oil_and_gas.html
http://www.naymz.com/search/siganl/oil/signal/oil/1975750
London's Brent crude contract for July hit an all-time peak of 127.49 dollars Tuesday. It later stood at 127.13 dollars, up 2.07.
The market was reacting to oil supply disruptions in France and OPEC's unwillingness to hike output, analysts said. Signal Oil and Gas Company
"Overall, (oil) market participants are currently choosing to focus on the supply side, with investors doubting that robust demand for distillate fuels from Asian, Middle Eastern and other emerging market economies would be met with enough supply," said Sucden analyst Andrey Kryuchenkov.
French fishermen demanding state aid to cope with soaring fuel costs blockaded France's largest Mediterranean oil depot at Fos-sur-Mer on Tuesday, escalating a 10-day protest movement.
Around 50 fishermen used tyres and crates to set up roadblocks cutting access to the Fos-sur-Mer depot, causing a tailback of some 100 tanker trucks that were lined up waiting to enter, according to an AFP correspondent.
Bank of Ireland analyst Paul Harris meanwhile said on Tuesday that OPEC's refusal to meet prior to September was "further weighing on supply concerns and adding to upward price impetus."
OPEC president Chakib Khelil said Monday the oil group would take no decision on output levels before a meeting in September despite calls by the United States for a hike to dampen soaring prices.
Khelil said that he did not expect output to be increased, stressing that "current prices are not based on (traditional) supply and demand."
Many officials belonging to the Organization of Petroleum Exporting Countries argue that record oil prices are being driven by speculative investors rather than underlying demand and that the market remains well supplied.
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