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Oil Hits New Record on Supply Worries |
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The News -
Economy
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October 12, 2007 |
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Oil futures rose to a new record trading price over $84 a barrel Friday on concerns that supplies are not adequate to meet fourth- quarter demand. Many analysts say crude inventories are falling and point to Thursday's Energy Department report that showed domestic crude supplies fell last week and an International Energy Agency report that concluded oil inventories held by the world's largest industrialized countries have fallen below a five-year average. "This is a concern," Stephen Schork, a trader and analyst in Villanova, Pa., said in a research note. "Despite relatively weak demand ... crude stocks still fell last week." But others think the supply shortfall in this week's inventory report are an anomaly. They doubt demand is as strong as recent forecasts by the Energy Department and the IEA suggest. These analysts expect oil prices will soon begin a seasonal decline to $70 a barrel, or lower.  Source : Breitbart.com
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