Oil prices hit record on supply worries

Subject: Oil prices hit record on supply worries Tue Feb 19, 2008 8:15 pm

Oil prices have surged to record levels as traders bet that the Opec oil producing nations will reduce output.

In New York, the main contract for light sweet crude oil closed at a record $101.01 a barrel, up $4.51.

Market analysts say Opec producers might cut production in response to the slowdown of the US economy, which is world's biggest oil user.

There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela.

Link.

Subject: Re: Oil prices hit record on supply worries Tue Feb 19, 2008 8:44 pm

Bwahahaha!!!

Single trader behind oil record

The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.

A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they claim.

The New York Mercantile Exchange said that US crude oil futures traded just once in triple figures on Wednesday.

Some analysts questioned the validity of the trade, though their concerns faded as oil set a record on Thursday.

New York light sweet crude climbed to a new high of $100.05 a barrel on Thursday.

Vanity trade

On Wednesday, one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss, said Stephen Schork, a former floor trader on the New York Mercantile Exchange (Nymex) and the editor of an oil market newsletter.

"They absolutely overpaid," he told Radio Four's Today Programme.

"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."

http://news.bbc.co.uk/2/hi/business/7169543.stm

Subject: Re: Oil prices hit record on supply worries Tue Feb 19, 2008 8:48 pm

CovOps wrote:: "He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."

:drunken:

Oil prices hit record on supply worries

Oil prices hit record on supply worries

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