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Crude Oil Futures Post Record Gain as “Peak Oil†Expert Calls for Rally to $500 a Barrel
Crude oil futures zoomed more than $16 a barrel yesterday (Monday) – and traded as high as $130 a barrel – thanks to a steep decline in the U.S. dollar and speculation that the Bush administration’s plan to bail out the financial sector might actually jump-start the U.S. economy.
The record single-trading-session gain came on a day when CNNMoney.com republished a brand new Fortune magazine story in which author and noted “peak oil pundit” Matthew R. Simmons stated that crude prices were headed for $500 a barrel.
Story continues below…
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Oil Crosses $120 Threshold
Oil surged to a new record high yesterday (Monday), as it gained $4 to trade above $120 in morning trading on the New York Mercantile Exchange. A combination of factors was cited for the rise including trouble in Iran and Nigeria, the weak U.S. dollar, and an unexpected increase in the ISM non-manufacturing survey.
U.S. light sweet crude rose to a record of $120.36 a barrel in on the NYMEX before falling back to a record close of $119.97 – up $3.65.
In Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), rebels have been targeting Royal Dutch Shell PLC…
6May2008 | Money Morning | Comments Off | Continued
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