OPEC Daily Oil Prices $114.75, NYME $122 Per Barrel

OPEC daily oil prices set new historic high

www.chinaview.cn 2008-05-07 17:53:07

VIENNA, May 7 (Xinhua) --

The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) Tuesday rebounded vehemently to 114.75 U.S. dollars per barrel (dpb) Wednesday, setting a new daily prices record, said the Vienna-based cartel.

The daily average prices of OPEC went down from 111.66 dpb on April 28 to 105.99 dpb on May 1 and rebounded slightly to 106.99 dpb on May 2. However, the prices showed a fierce rise by 4.61 dollars to 111.60 dpb Monday and soared vehemently Tuesday by 3.15dollars to 114.75 dpb.

Surging up 8.76 dollars in just three consecutive trading days was rare in the near history of OPEC's oil trading.

Experts said the geopolitical reasons, especially those in some OPEC member countries, were the main factors in boosting up the prices.

Attacks against the Nigerian oil-transportation constructions, uncertainty on the future of the situation in Iraq and Iran, as well as Indonesia's consideration of quitting OPEC, made many investors worry about the future trend of the oil prices and therefore put much more money into oil speculations.

Meanwhile, the weak dollars and the prognosis of oil prices that would surge up to a range of 150 dpb to 200 dpb by the famous international investment bank Goldman Sachs, also aggravated the speculations.

Editor: An Lu

Oil prices shoot over $122 on supply concerns

www.chinaview.cn 2008-05-07 04:51:34

NEW YORK, May 6 (Xinhua) --

Oil futures hit a new record high of over 122 U.S. dollars a barrel Tuesday due to predictions of future price hike and the continuing concerns on supply shortage.

Light, sweet crude oil for June delivery surged to a all-time record high of 122.73 dollars a barrel, before falling back to settle at 121.84 dollars with 1.87 dollars up on the New York Mercantile Exchange (NYME).

The Supply shortages will probably send oil price to between 150 dollars and 200 dollars a barrel within next six months to two years, said a report released by Goldman Sachs on Monday. The prediction seemed to have motivated most of Tuesday's buying of oil.

Concerns on supply shortfall in major oil exporters like Nigeria, Iraq, Mexico and Russia also contributed to the lift of crude futures.

The U.S. Energy Department raised its forecasts for oil and gas. But higher energy prices will cut demand more than previously thought, it warned.

In London, Brent North Sea crude for June delivery rose 2.34 to settle at 117.99 dollars.

Fair Use Notice

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.