Like a bad barker on television trying to sell another gadget, August contract light crude sold for $59.99 in morning trades. The prices edged its way back after oil prices dropped on rising inventories from the EIA last week.
Oil Prices Aim For $60: How High Can It Fly
Oil prices set record highs again yesterday, hitting $59.85 a barrel at one point. Traders seem poised to knock $60 a barrel down and leave it in the dust as contracts from the 4th quarter cracked $61. The big question many are asking is what price can the market actually support.
Oil Prices Hit Records and Are Expected To Get Higher
Oil prices reached record highs yesterday with crude going up $1.89, or 3.3%, to $58.47 a barrel. Futures reached $58.60 a barrel. The previous record was $58.28 in April.
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.
Oil Prices Head For New Record: Climbing Beyond $58
Light sweet crude continues to climb on the New York Exchange, hitting $58.15 during midday trading. Breaking the record $58.28 set back in early April seems inevitable at this point as prices continue to climb with no end in sight. Gas prices are no better today. Gas opened at $1.62 today and up to $1.65 on the midday.
First Decline in Consumer Prices In 10 Months
Consumer prices fell for their first time in 10 months in May at 0.1%, while energy prices declined following record highs in the previous months.
Oil Prices Ascend: $60 Edging Very Close
Oil prices continue the surge today as light sweet crude came within 10 cents of $57 a barrel. The prices continue to edge toward the all time high set back in early April clearing the $58 mark and most watchers say cracking $60 is only a matter of time.
Oil Prices Open Up Despite New OPEC Ceiling
Light sweet crude took off this morning amid news of OPEC raising official tallies for oil production by 500,000 barrels a day. This did little to calm traders though as OPEC has been running above stated quotas essentially no production capacity left. This news was also expected.
After Months of Rising, Consumer Prices Fall in May
Consumer prices took their first fall in 10 months last month at 0.1% as energy prices fell after reaching record highs in the months before.
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.