Oil Crosses $92 on Middle East Discord
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Crude oil prices spiked above $92 a barrel Friday on tensions in the Middle East and renewed concerns about supply.
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Oil prices have surged to two-week highs following news that supplies in the US are tightening. In New York on Thursday, the cost of a barrel of oil rose almost $2 to $44.
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Oil climbed to a two-month high over $63 on Thursday as a weaker U.S. dollar, colder weather and news that OPEC could be getting bigger spurred buying.
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Oil rose to $71 a barrel on Friday, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program.
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Oil vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said.
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U.S. oil futures set a new record $47.01  a barrel on Wednesday after a new threat against Iraq's oil  sector by rebel Shi'ite militia.  U.S. crude traded up 26 cents  to set a new high in the 21-year history of the New York  Mercantile Exchange contract.
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Oil prices soared to new highs on both sides of the Atlantic today as traders fretted over increasingly short supplies. The cost of crude in New York broke through the
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World oil prices surged to historic highs Friday, breaching 92 dollars for the first time in New York on rising tension in crude-rich Iran and tight US energy supplies, analysts said.
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Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles, and a weak dollar triggered a flood of speculative buying, dealers said.
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Oil companies' shares got a modest boost as crude oil prices touched a record $100 per barrel on Wednesday, but some analysts do not expect that to trigger a rally in energy's biggest names.
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Oil rose above $91 on Thursday, recovering from losses of more than $3 in the past two days, on concerns of escalating Middle East tensions after Israel carried out a missile test.
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Oil prices push above $70 a barrel amid fears over US-Iran tensions and low US fuel stockpiles.
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Oil rallied to a fresh record high above $92 a barrel on Friday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria.
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Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles in consumer countries and a weak dollar triggered a surge of speculative buying, dealers said.
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Oil rallied to a fresh record high above  $92 a barrel on Friday as the dollar tumbled to a record low,  Washington imposed new sanctions on Iran and gunmen shut more  oil production in Nigeria.
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Oil prices vaulted to a record $100 a  barrel on Wednesday as violence in Nigeria, tight energy  stockpiles and a weaker dollar triggered a surge of speculative  buying, dealers said.
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World oil prices rose Thursday, one day after hitting a record high 89 dollars, as traders absorbed geopolitical tensions in the crude-rich Middle East and rising US energy reserves.