Prices on August contract light sweet crude continue to climb on the New York Mercantile exchange as Tropical Storm Cindy continues to pour water on the Gulf Coast.
Oil Traders Stamp $60 A Barrel, How Far is $70?
Oil prices continue to skyrocket like a titan rocket this as demand heats up, production has no real growth right now and worldwide demand continues to shoot through the roof. The price hit $60.85 in morning trades on the New York Mercantile Exchange.
$60 A Barrel: Where To Now?
August contract sweet crude traded up to a record $60 a barrel in trading today as the world begins to ponder where oil goes next. Some predict an oil bubble bursting but with countries like China pegged to increase its consumption the U.S. increasing consumption significantly over this time last year when prices were cheaper, no one knows exactly where this will stop.
Oil Prices Crudely Crack Record: $58.60 A Barrel
Oil prices soared on Friday wiping away the previous record of $58.28 set back in early April. Trading on the July contact settled in at $58.47 and since trends don’t show signs of slowing, most experts expect the $60 a barrel mark shortly, maybe even next week.
Crude Cracks Record: $58.60 A Barrel
Consumers cringed in fear today as oil prices skyrocketed almost two dollars today. After hitting the $58.60 mark, it settled down to $58.47 for the contract set for July delivery. The previous record was set back in April at $58.28. It won’t stop there.
Oil Prices Have OPEC Over A Barrel
Oil Prices continue into the $55 range today after OPEC expressed concern for output levels. Right now, OPEC is pumping at production capacity with little room if any to produce more light sweet crudes.
Oil Prices Rollercoaster Up to $55, Barrel Down Below $53
Following the weekly report on crude inventories from the Energy Information Administration, prices for New York’s July contract on light sweet crude took off past $55 after opening at $53.30.
Oil Prices Skyrocket over $51 A Barrel
Light sweet crude kicked it up a notch when the U.S. Dept. of Energy (DOE) reported a drop in crude inventories for only the second time in last 3 months. Futures traded as high as $51.65 in New York on midday ticks. North Sea Brent crude was also trading up over a dollar at 50.15.
Oil Price Update: Settles Below $47 A Barrel
Light sweet crude for the June contract came up short this today settling below $47 and $46.92 a barrel. The prices continued to drop after yesterday’s report from the U.S. Dept of Energy saying U.S. inventories continued to climb for 13 of the last 14 weeks.
Crude Oil Shoots to $52 a Barrel and Still Climbing
Light sweet crude prices continue to climb hitting $52.30 a barrel in midday trading amid speculation OPEC won’t be able to keep with rising oil demand in second half of the year.