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July 31, 2007
Oil hits year high
Thanks Aron for this note from AG Edwards
Crude oil surges above $78 a barrel
Crude oil rose to a one-year high in New York on speculation demand will
outpace supply as refiners increase fuel production in preparation for the
winter months. An Energy Department report tomorrow may show that U.S. crude
oil supplies fell for a fourth week, according to a Bloomberg News survey of
analysts. AGE energy analyst Eric Wittenauer said: “We’re waiting for the
market to break decisively through the $77.50 level. With the index and fund
money that’s poured into the market there will continue to be upward pressure
on prices.” Crude oil for September delivery was up 1.15 at 77.98 a barrel at
12:56 p.m. in New York. Earlier crude traded at 78.15 a barrel, the highest
intraday price for a contract closest to expiration since July 14, 2006. Prices
are up 28% this year.
Posted by Martin at July 31, 2007 8:19 PM
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