Oil soars to new high above $146


	Oil soars to new high above $146

JICWyllie

7-3-2008 6:11 AM

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tags:

energy, oil, i-price, i-increase, i-record

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/61774303-6afd-4747-93f7-dfb8d02c6039/18C7D44E-E70B-4E01-81B7-D7F8BF092DB0/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/f2bf5b14-48de-11dd-9a5f-000077b07658.html" href="http://www.ft.com/cms/s/0/f2bf5b14-48de-11dd-9a5f-000077b07658.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/f2bf5b14-48de-11dd-9a5f-000077b07658.html">Crude oil prices jumped above $146 a barrel on Thursday boosted by a drop in US stockpiles and concerns about the medium-term supply and demand balance. The rise brings the oil price surge since January to 55 per cent.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/f2bf5b14-48de-11dd-9a5f-000077b07658.html"><P>Henry Paulson, the US Treasury secretary, said on Thursday that the “predominant factor” behind the rise in oil prices was supply and demand. </P><P>“[It] is the fact that global production and capacity has not increased appreciably over the last 10 years and the demand has continued to grow and inventories are at low levels,” Mr Paulson said in London. </P><P>The concerns about supply and demand imbalances were exacerbated earlier this week when the International Energy Agency, the western countries’ oil watchdog, said that non-Opec supply will barely growth to 2013. </P><P>The weakness of the US dollar, at its lowest level in two months against the euro, also contributed to the price rise</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/18C7D44E-E70B-4E01-81B7-D7F8BF092DB0/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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