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The Hellenic Radio (ERA): News in English, 08-05-22

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

  • [01] Wild Race of Oil Prices

  • [01] Reached $133,17

    Wild Race of Oil Prices

    22 May 2008 09:13:00

    government report showed a surprise drop in fears of a supply crunch. OPEC passivity and the reduction of strategic fuel supplies have caused the wild race of oil prices

    Sources: ANA, MNA

    Oil prices surged nearly $5 to a record near $134 a barrel on Wednesday after a U.S. government report showed a surprise drop in fears of a supply crunch. OPEC passivity and the reduction of strategic fuel supplies have caused the wild race of oil prices.

    U.S. crude settled up $4.19 at $133.17 a barrel before extending its gains to $133.93 by 2025 GMT. London Brent rose $4.86 to end at $132.70.

    The first time crude oil delivery exceeded $100 was in January 2 and then settled at $ 110 on March, $ 120 in May 5 and $ 125 in May 9.

    The U.S. Energy Information Administration reported that crude stockpiles in the worlds biggest energy consumer fell 5.4 million barrels last week.

    Analysts warn that oil prices threaten global development but express the hope that the market will "calm down" soon.

    Since last September, crude oil delivery has raised up to $ 50 per barrel while according to estimations it can even reach to $200 within 6 to 24 months.

    This wild race affects global economy which is now more than any other time more vulnerable," analyst Ethan Harris of Lehman Brothers comments.

    According to Harris every raise of $10 equals to a 0,4% recession in the development of the United States as well as of Asian and European markets.

    Translated by Sofia Gartziou


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