Filed under: Major movement, International markets, Consumer experience, Middle East, Oil, Federal Reserve

Oil prices are once again trading at record highs today following a very bullish inventory report from the U.S. Energy Department. Prices had been down earlier in the session, but are currently trading up $3.90 to $94.28 after setting a new record of $94.56 earlier in the session.

Today’s price move comes in reaction to the weekly inventory report which showed that America’s oil supplies have dropped to a new 2-year low. Leading into today’s report, analysts had been expecting to see a rise last week of 400,000 barrels of crude, but were shocked to discover that supplies actually fell by 3.89 million barrels.

On Monday I wrote a post posing the question of if and or when we will be seeing $100 oil. In that article I stated that I felt we were definitely heading to $100 oil, but that it would probably take a couple more weeks to get there. That was, unless we got another big miss in inventories, which we now have seen.

Continue reading Oil sets another record after a bullish inventory report

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This entry was posted on Wednesday, October 31st, 2007 at 6:01 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.