Filed under: Major movement, International markets, Consumer experience, Middle East, Oil
Oil prices have once again set a new record today, with prices moving as high as $97 a barrel earlier in the session, and are currently trading up $2.73 to $96.63.
Today’s move comes as traders are becoming increasingly worried about supply concerns as winter weather has finally started moving across the Northern Hemisphere. So far this year, mother nature has spared us from onslaught of wintry weather, but now that is changing, and the market is reacting. The past two weeks we have seen greater than expected declines in crude inventories in America, and analysts are expecting even more drops to be announced tomorrow when the Department of Energy releases its weekly inventory report.
Analysts are expecting to see a drop of 1.6 million barrels, and if we get reports of anything greater than that I would not be surprised at all to be sitting here writing about oil at $100 before the week is out. Consider this, before last week’s report, prices were trading down to around $90.50, so a move from current prices to the psychological $100 barrier is not by no means out of the question.
Continue reading Oil soars to new highs, is $100 oil around the corner?
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