Primary Navigation

Secondary Navigation

News Home
> Business News
> Oil price sets record...

Fri May 16, 2:06 PM

What's this

By The Associated Press

NEW YORK - Oil prices held on to most of their gains Friday after Saudi Arabia's oil minister said his country boosted production by 300,000 barrels per day last week in response to requests from customers. The market also showed little reaction to news that the U.S. Energy Department is halting shipments to the Strategic Petroleum Reserve.

Saudi Oil Minister Ali Naimi told reporters at a news conference the increase, which went into effect last Saturday, would lift output from the world's leading producer to 9.45 million barrels per day by June. The announcement came hours after the White House said the country apparently would not increase demand following a personal appeal from President Bush.

Light, sweet crude for June delivery traded $2.01 higher at US$126.13 on the New York Mercantile Exchange early Friday afternoon. Prices rose as high as $127.82 a barrel, a new record, earlier in the session. The previous trading record was $126.98.

The Energy Department said it would cancel shipments into the SPR for six months beginning July 1. The move came days after Congress passed legislation requiring the president to suspend the shipment into the reserve in hopes of lowering gasoline prices.

WHAT OTHERS HAVE SAID ABOUT THIS NEWS STORY (SHOW) What's this?

Have you ever wanted to run your own online business from the comfort of your own home with the potential to make up to $100k per year but did,nt know where to start? If so then you have come to the right place. http://stores.ebay.ca/MONEY-MAKING-WEB-BASED-BUSINESSES

POSTED BY: Karen F on FRI, JUL 04, 2008 09:46 PM -0500

0

0

Report Abuse

Its complete BS everyday from the futures market. Oil prices rise because Saudi Arabia doesnt plan to increase production further. Read the rest of that sentence: "the world's biggest oil exporter had no immediate plans to boost crude output because there was no need to do so." Either the traders are idiots, or their customers are idiots. The government will HAVE to step in to regulate speculation in the commodities market. Traders won't stop 'til the market crashes. Remember subprime mortgages?

POSTED BY: dawedj on FRI, JUL 04, 2008 06:42 PM -0500

0

0

Report Abuse

Woohoo! Oil drops a few cents today, gains five dollars on Monday, Tuesday, Wednesday... Fewer Traders on the 4th? What do you expect? They have to have time to enjoy their Hamptons' Beach Houses. Jeez. Remove Excessive Speculation: gas drops by half overnight, inflation is halted & makes reversals, the Dollar strengthens, Wallstreet rallies, & the People smile. Too bad you have to remove Bush & nearly all Republicans from Washington to accomplish this feat.

POSTED BY: excessspecto... on FRI, JUL 04, 2008 04:13 PM -0500

0

0

Report Abuse

Get together and start a campaign, get some time from your daily boring earn and eat routine and do a major opposition with all the MP'S AND MLA'S, and give a memorandem to govt officials, stop giving away your hard earned dollars in the pockets of few investment companies and broker who are paying the ministers in turn. All the small investors would not have a single day to reap their profits when the majors starts pulling away the money from oil market. Its all going to Esso and Shell and all.

POSTED BY: Harry A on FRI, JUL 04, 2008 01:16 AM -0500

0

0

Report Abuse

We are still dealing with Enron leftovers: loopholes/exemptions & dark markets that now govern how oil is traded worldwide. No wonder there are shortages. If Morgan, Stanley, Dean, Whitter now owns 90% of New England's heating oil for next winter, we have an EXCESSIVE SPECULATION Problem in the Oil Futures Markets. We also have the same problem in all other commodities: Rice, Gold, Steel, Corn, etc. which are currently havens for too many investors. Reregulate the Commodities Markets!

POSTED BY: excessspecto... on WED, JUL 02, 2008 05:34 PM -0500

0

0

Report Abuse