With spare capacity nil and the world a dangerous place, analysts see risk of higher crude prices.
August 5, 2004: 5:27 PM EDT
By Mark Gongloff, CNN/Money senior writer
NEW YORK (CNN/Money) - When the price of oil crossed $40 a barrel earlier this year, it generated nervous headlines and anxiety on Wall Street and likely threw cold water on the U.S. economy.
Now it seems that $40 a barrel may have been just a step on the way to even higher prices, with $50 or more a distinct possibility in the short term, according to some analysts.
Oil prices set yet another new record at the New York Mercantile Exchange on Thursday, closing at $44.41, the highest in the 21-year history of the NYMEX contract, and the third straight day trading above $44. They've been above $40 a barrel for 17 straight days and for 31 out of the past 60 days.
Oh my I suspect that gas prices will rise in comming weeks as the oil prices continue to rise.Those prices may hit $50 or more
and that would be not good for the economy that is strong now and it may cause it to not be as strong in the near term.