Archive for March, 2008
New ’super-spike’ might mean $200 per barrel oil
NEW YORK (MarketWatch) — With $100-a-barrel here for now, Goldman Sachs says $200 a barrel could be a reality in the not-too-distant future in the case of a “major disruption.”
Goldman on Friday also boosted by $10 the low end of its 2008-2012 projected range for crude to $60 a barrel — significantly lower than current [...]
Oil prices gush to new highs
NEW YORK (AFP) - Oil prices struck double-barreled highs on Monday on concerns about dollar weakness and tight supplies as speculators bet on the market rally to go higher, traders said.
Both the New York and London benchmark contracts smashed intraday and closing records as US President George W. Bush’s administration signaled that Vice President Dick [...]
GAO asked to audit Iraqi oil revenue
WASHINGTON - The Democratic chairman and Republican former chairman of the Senate Armed Services Committee have asked government auditors to determine what Iraq is doing with the billions of dollars in oil revenue it generates.
“We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite [...]
Saudi oil minister says prices not linked to supply
DUBAI (Reuters) - Speculation was driving triple-digit oil making it impossible for any organization to control its movement, Saudi Arabia’s oil minister said in remarks published on Friday.
“Speculation in futures market is determining prices,” Ali al-Naimi told Asharq al-Awast newspaper in Morocco. “Today there is no link between oil (market) fundamentals and prices.”
“The duty of [...]
Oil steadies above $105 after record
SINGAPORE - Oil prices were steady Friday after jumping to a trading record near $106 a barrel in the previous session as the dollar’s slide to new lows prompted investors to pump more money into commodities.
Analysts believe the steadily weakening dollar is the reason oil prices have jumped to a number of new inflation-adjusted record [...]
