Oil prices hits new record high=$44.31 a barrel
Posted: Thu Aug 05, 2004 6:07 pm
Oil could touch $50
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.
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.