100USD A BARREL!!

Posted by 0dmin on November 25th, 2007 at 06:48pm

The price for a barrel crude oil has approached the 100 US dollar barrier.
During the electronic trade in Asia the barrier of 99 dollars was broken and a new record of 99.29 dollar was reached. Afterwards the price of crude oil fell something, but a poll position was sent for monday trade. Experts call the price increase of this moment exaggerated.

The increasing oil price coincides at this moment especially with the rate of the dollar, the currency in which crude oil is traded. The US dollar has strongly decreased the last periode. Check Dollar Drops for the latest USD currency exchange rates. Some analysts think however that the price increase of oil does not weights the decrease of the American currency.

Therby the price increase of crude oil coincides with an increasing demand for oil now the winter knocks on the door for Christmas. Weather analist expect harsh weather in the east upcoming winter. During last weeks OPEC meeting the decision was to increase the oil production capacity.

On this news the Januari future for a barrel crude oil closed Friday on the New York Mercantile Exchange 89 dollar pennies higher on $98,18. The previous record, of last Tuesday, was set on $98,03.

If we have a good combination of a further drop in US the dollar, geopolitical news and a considerable decline of the oil stocks, then we can hit the $100 for sure 100%, thus Jim Ritterbusch, president of Ritterbusch and Associates, in the United States.

Under Crude oil+ Middle East+ Oil and gas+ Production levels