Oil prices have continued to move higher today, with prices hitting a new record earlier today of $89.00 a barrel before cooling off slightly. Oil is now trading up $0.56 at $88.17.We took a look at oil yesterday, and noted that the past few sessions' prices have been fueled by tension in the Middle East, and that is once again driving the market today. The recent turmoil between Turkey and the Kurds in northern Iraq have spurred concerns that any further escalation between the two would lead to supply disruptions from the area.
Earlier this week, the Turkish government asked the country's parliament for permission to enter into northern Iraq in pursuit of the Kurdish rebels. That request was approved today, and has set the stage for more violence in the region.
Prior to the news out of Turkey, prices had been retreating earlier in the session after the weekly inventory report from the Energy Information Administration, which showed a larger increase in inventories than had been expected. Analysts had expected to see inventories rise by 1.4 million barrels, but the actual figures showed a jump of 1.8 million barrels.
Yesterday I said that I thought we would see prices hit $90 today -- it doesn't look like it's going to happen, but I do think that $90 oil is just around the corner.
My fellow BloggingStocks writer Douglas McIntyre wrote yesterday that we were on our way to $100 oil. I have to agree with him on this. What do you think? Will we see $100 oil before the year is out?
[Photo: octal]
Yesterday I said that I thought we would see prices hit $90 today -- it doesn't look like it's going to happen, but I do think that $90 oil is just around the corner.
My fellow BloggingStocks writer Douglas McIntyre wrote yesterday that we were on our way to $100 oil. I have to agree with him on this. What do you think? Will we see $100 oil before the year is out?
[Photo: octal]
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer
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Reader Comments (Page 1 of 1)
10-18-2007 @ 11:51AM
eredux said...
Check out this US Carbon Footprint Map, an interactive United States Carbon Footprint Map, illustrating Greenest States to Cities. This site has all sorts of stats on individual State & City energy consumptions, demographics and much more down to your local US City level...
http://www.eredux.com/states/