Oil hits new price levels
Crude oil prices surged to a new record high yesterday by nearly 140 US dollars by a barrel, propelled by weakness in the US dollar which offset the bearish impact of plans by Saudi Arabia to boost output.
US light, sweet crude for July delivery was up to 3.74 at 138.60 US dollar a barrel after falling as much as 1.40 Us dollar a barrel, or about 1 per cent, earlier in the session. US crude set a record high of 139.89 US dollars a barrel.
London Brent crude was up 3.05 at 138.16 US dollars. Prices leapt as the dollar fell after publications of the data from the New York Federal Reserved that showed manufacturing in the state of New York contracted in June for the fourth time in five months.
''Prices rose sharply in three minutes. US manufacturing data was week, so it is pressuring the dollar down, '' said Mike Wittner, energy analyst at Societe General.
Earlier in the session prices has dropped back after United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in many months.
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US light, sweet crude for July delivery was up to 3.74 at 138.60 US dollar a barrel after falling as much as 1.40 Us dollar a barrel, or about 1 per cent, earlier in the session. US crude set a record high of 139.89 US dollars a barrel.
London Brent crude was up 3.05 at 138.16 US dollars. Prices leapt as the dollar fell after publications of the data from the New York Federal Reserved that showed manufacturing in the state of New York contracted in June for the fourth time in five months.
''Prices rose sharply in three minutes. US manufacturing data was week, so it is pressuring the dollar down, '' said Mike Wittner, energy analyst at Societe General.
Earlier in the session prices has dropped back after United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in many months.
www.cedezhomes.co.uk is the website and cedezhomes@hotmail.co.uk is the email. Contact us for your houses, bole hole drilling and solar panels.
posted by cprah at 6:19 pm
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