Monday, May 19, 2008

Countdown to $200 Crude (5)

Start of brand new week and we have a new record for crude oil $127.05. It crossed $127 for first time at the closing of trading on Nymex
Nymex-traded oil finished Monday at yet another record high, hitting $127.05, after a seesaw trading session that saw crude prices hit alternately by profit-taking and supply concerns.

OPEC President Chakib Khelil reiterated recent comments from the cartel that despite record prices, oil markets were well supplied and blamed high prices on speculation, a weak dollar and geopolitical problems.

Qatar oil minister Abdullah al-Attiyah also insisted there was no need to boost oil supplies to global markets. "The market doesn't need more oil," he said, pointing to a cut in forecast oil demand growth by the International Energy Agency.

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