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Wed 4 Aug, 2004 06:19 am
The September light sweet crude contract on the New York Mercantile Exchange was trading at $44.20 a barrel at 2:45 a.m. EDT, up 5 cents per barrel.
Prices briefly touched $44.28 per barrel as fears over production capacity, possible terrorist attacks in the United States, disruptions to Iraqi crude exports and uncertainty over the fate of troubled Russian oil giant Yukos gripped the market.
That price was the highest on record since oil futures began trading on the Nymex 21 years ago.
"If you want the prices to come down, there probably needs to be a reduction in the (terror) threats: let's quiet down Iraq (news - web sites), let's get Yukos settled," John Vautrain, vice-president of Houston-headquartered energy consultants Purvin & Gertz tolf The Associated Press in Singapore.
If the bad news kept on coming, Vautrain said it was possible prices could reach $50.
"Clearly the world is very nervous. Clearly, New York is very nervous over the variety of events in the past weeks," he said. "Most of it is nerves and not an issue of supply."
It will be one of many contributing factors, Bob.
Bush is the worst President ever.
He's not only bad; he's also just plain unlucky.
That's also why you see the dwindling number of his supporters here spending so much time and effort trying to tear John Kerry down.
It's really all they can do.
No, it's going to turn out to be your fault for interfering with development of the Alaska National Wildlife Refuge.
You guys must be new here.
Hey, rog!
Well, I feel all shiny and new...
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