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Crude Oil Prices on the Rise
Crude Oil Prices on the Rise
Crude oil has increased to a record $138 a barrel, increasing by $15 over the past 2 days, with more than a $10 jump today.
The increase occurred as a possible strike looms in oil rich Nigeria, and after Morgan Stanley reported that the price per barrel might reach $150 by July 4.
The two day increase has also been fuiled by concern that the dollar is falling against the euro, created by specualation that the European Central Bank might raise interest rates to curb inflation. Oil is currently traded in dollars on the Nymex.
From Monday through Wednesday oil fell over $5 in closing on the NYMEX. But it rose Thursday to close at $127.79.
Crude oil set a closing record of $133.17 on May 21, and topped at $135.09, a previous (to today) intraday high, on May 22.
The Energy Department said Thursday, that is would delay oil deliveries to the SPR until next spring.
The DOE will be delaying delivery 2.1 million barrels to the SPR, in an attempt to dilute the price surge. The delivery was scheduled for this summer.
After Congress passed a measure last month to suspend oil shipments to SPR through the year as long as the price remains above $75, President Bush signed the measure into law.
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