Monday - June 27, 2005
Greasy Greed And Nukes
You thought oil prices at $50 per barrel were bad? Think again, folks. It’s now over $60 per barrel and the greed continues ....
Oil prices have continued to climb on Monday, surging to a record on concerns that demand will outstrip supply.
US sweet light crude was trading 48 cents higher at $60.32, after earlier hitting $60.64. Brent, the other main contract rose 58 cents to $58.94.
Analysts said that prices are likely to sit close to the $60 mark for some time as demand shows little sign of abating.
“The psychology of the market is that once US$60 is breached, then there is tendency to test how much higher it can go, or how long $60 can be sustained,” said Victor Shum of Purvin & Gertz.
Driving the market is the worry that there is very little surplus supply and that any disruption would produce a sudden and dramatic spike in prices.
Over the weekend, Iran, the second-biggest member of oil production group Opec, voted in hardline Tehran mayor Mahmoud Ahmadinejad as President.
Mr Ahmadinejad has said his government will continue the country’s nuclear programme and appeared to rule out improving ties with Washington, saying Iran did not really need the US.
Posted by The Skipper
on 06/27/2005 at 08:39 AM
Filed Under: • International •
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Oh, and here's some kind of visitor flag counter thingy. Hey, all the cool blogs have one, so I should too. The Visitors Online thingy up at the top doesn't count anything, but it looks neat. It had better, since I paid actual money for it.
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