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Oil hits new high

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Oil hits new high


The price of oil has hit its fourth nominal record of the week.

US sweet light crude touched the 66 dollars a barrel mark before slipping back to 65 dollars 80. Despite the rising prices, the industrial countries’ energy watchdog, the International Energy Agency, says demand is as high as ever. And traders like Ray Carbone say there is no indication prices will come down any time soon. “I happen to believe that we are in an up-trend that is not going to give us much of a break in the near future, and longer term I’m just as bullish. So my opinion on this is we are on a course to hit some numbers that were pretty much unthinkable a couple of years ago,” he said. There are a range of factors behind the trend; the Iran nuclear row, the Atlantic hurricane season and the traditional increase in demand every summer as the public turns on air-conditioning or drives to holiday destinations. In the US, glitches at a number of over-stretched refineries are adding to problems. But Washington says releasing oil stockpiles is “off the table”.
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