Oil Price set record high

Oil Price set record high
Sep 19, 2007 04:56
YVONNE Points: Join Date: Nov 29, 2004 Status: offline	Crude oil prices surged to another record high near 82 dollars a barrel on Tuesday, due to the destruction of refining capabilities by hurricanes, and an expectedly large decline in commercial oil reserves in recent days. A U.S. Federal Reserve decision to cut interest rates by 50 basis points also supported oil and other commodities. Crude for October was up 95 cents at 81.51 a barrel after hitting a record 81.90 dollars earlier in the session. What are the triggering factors of the hiking price? The increasingly short supply of oil in the world, the short-term speculations on oil futures by large amounts of funding and the U.S. government's pursuit of a weak dollar policy should be responsible for the hiking price. Will there be another "Oil Crisis"? It is hard to forecast.

Sep 19, 2007 04:56

YVONNE
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Join Date: Nov 29, 2004
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Crude oil prices surged to another record high near 82 dollars a barrel on Tuesday, due to the destruction of refining capabilities by hurricanes, and an expectedly large decline in commercial oil reserves in recent days. A U.S. Federal Reserve decision to cut interest rates by 50 basis points also supported oil and other commodities.

Crude for October was up 95 cents at 81.51 a barrel after hitting a record 81.90 dollars earlier in the session.

What are the triggering factors of the hiking price? The increasingly short supply of oil in the world, the short-term speculations on oil futures by large amounts of funding and the U.S. government's pursuit of a weak dollar policy should be responsible for the hiking price. Will there be another "Oil Crisis"? It is hard to forecast.

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