NYT/Reuters: Oil Strikes New Record ($57.59/barrel, 9:33 p.m. EDT Sun.)

Oil Strikes New Record
By REUTERS

Published: April 3, 2005


MELBOURNE (Reuters) - Oil prices raced to a new all-time peak on Monday, climbing toward $58 a barrel as OPEC signaled it would discuss a second output rise to try to quell the market's relentless rally.

U.S. light crude hit a record $57.79 a barrel, surpassing Friday's high of $57.70, which was triggered by a forecast that prices could spike above $100 due to robust global demand and tight spare capacity.

At 9:33 p.m. EDT Sunday, U.S. crude was up 32 cents at $57.59....

***

OPEC President Sheikh Amhad al-Fahd al-Sabah said on Saturday he would likely start consulting member producers on Sunday over a 500,000 barrel-per-day (bpd) increase to group supplies to cool the market....

***

Concerns about the adequacy of U.S. gasoline stocks ahead of the peak summer demand season were also partly behind last week's price jump....


http://www.nytimes.com/reuters/business/business-markets-oil.html

500,000 barrels out of 80 or so million will really cool down the market :eyes:

our crude supplies increased last week, but refined products fell - the capacity is not working out.

http://news.ft.com/cms/s/bf32d5b2-9277-11d9-bca5-00000e2511c8.html

Lack of new refining capacity hurts oil supplies
By Kevin Morrison
Published: March 11 2005 22:08 | Last updated: March 11 2005 22:08


Oil companies' failure to add new refining capacity to keep up with global demand for petroleum products is exacerbating already tight oil supply conditions and fuelling the rise in oil prices to nominal record highs.

...more... (this is a susbscription only site :( )

rumor has it that there is no excess capacity anywhere except saudi arabia and they are not about to increase their production in any significant way.

When oil hits $80 and the MSM can't use the 'but it ain't as high in real dollars' bullshit, will they then admit that there is an actual crisis?

and he assures me they have peaked and have damaged some fields due to overproduction already. He's coming home in July for the first time since 1981, jobless.

economic crisis levels.

Oil and the Fed cause panic.

It is the largest refinery in the world and it is supposed to be closed for repairs for a week to ten days.

Don't expect a drop in crude for a while yet.

the value of the dollar is going down

from its record lows as oil has been reaching record highs.

The dollar has fallen about 50 percent against the euro. The price of oil is the barometer of the strength of the dollar. The investment banks and central banks are manipulating the price of gold, the price of other commodities in dollar terms, including oil, are exploding because they can't control the growing Asian economies.

Anyone who thinks the dollar is strengthing is in for a rude awakening. Arbitragers may be able to make money on miniscule movements upward in the dollar. Buy natural resources.

"U.S. light crude hit a record $57.79 a barrel, surpassing Friday's high of $57.70, which was triggered by a forecast that prices could spike above $100 due to robust global demand and tight spare capacity."

peace