Finotec News Archive - May 09 2008
Crude oil rises to all time record of $124 an barrel on supply concerns
Crude oil rose to a record $124.73 a barrel in New York, Shortages of alternate fuels in China, South Africa, Latin America and parts of the Middle East have also set off a worldwide boom in demand for diesel for use in electric generatorsTammy Wall
09 May 2008
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Crude oil rose to a record $124.73 a barrel in New York, set for the biggest weekly gain since March last year, on concern supplies of diesel and gasoline may be insufficient to meet demand during the U.S. summer driving season. A May 7 government report showed that U.S. distillate-fuel inventories and refinery operations fell last week. Barclays Capital yesterday raised its forecast for U.S. crude oil prices, citing stronger demand from China and the Middle East.
Shortages of alternate fuels in China, South Africa, Latin America and parts of the Middle East have also set off a worldwide boom in demand for diesel for use in electric generators. Further strength came from a US government inventory report on Wednesday that showed US distillate supplies down last week. Crude currently trading at $124.388 as of 8:20 am, GMT.
Finotec Analysis Team
09 May 2008
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