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The last time time we spoke about oil at Kedco, prices were at $60/barrel.
Today according to RTE News its risen to over $70 back slightly from a recent high of $75.
“Oil price rose this evening, supported by better than expected economic data and a weaker US dollar. US crude rose $2.03 to $71.60 a barrel, while London Brent climbed $2.21 to $69.41.” - read the article in full
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RTE have reported that Oil prices rose sharply this evening, with US crude hitting a six-month high above $60 a barrel as the US currency tumbled.
US crude jumped to $60.08 a barrel, its highest point since mid-November, before slipping back to $58.62, up 12 cents from Monday’s close. Brent North Sea crude added 10 cents to $57.58.
The gains came as the euro soared above $1.37, its highest level for one and a half months. A weak dollar stimulates demand for dollar-priced crude because it becomes cheaper for buyers using stronger currencies. read more
An oil supply “crunch” could hit the world in five years time and drive up oil prices to more than US$200 a barrel, a think tank warned today.
Chatham House said incessant demand combined with inadequate investment by oil companies in raising output – rather than dwindling supplies underground - risked driving up prices to more than two-thirds current levels.
This would cause “serious policy implications” for oil dependent nations like the United States and the UK, the institution’s report said, and probably do for energy policy what 9/11 terror attacks did for the US military posture.
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