Crude oil passes US$94.00 a barrel; sets new all-time record high
Wednesday, October 31, 2007
Another record has been set in crude oil prices. The price of oil soared past US$94.00 a barrel. New York Mercantile Exchange (NYMEX) crude oil for December delivery closed at US$94.23 per barrel, after peaking at $94.74, the highest price on record. In after hours trading futures have crossed over the $95.00 per barrel mark.
Today's rise is said to be mainly caused by the United States Department of Energy's inventory report that showed an unexpected drop in crude oil stockpiles. Last week, U.S. stockpiles were down nearly four million barrels of oil.
Tropical Storm Noel is also believed to be a cause of rising prices. Because of the storm, one-fifth of Mexico's oil production was suspended while the storm passed, but production is expected to resume by the end of today.
- "Oil prices reach all-time high; pass US$91.00 per barrel" — Wikinews, 26 October 2007
- "Oil price at record $94 a barrel" — , October 31, 2007
- "Oil price hits record 94 dollars a barrel" — , October 31, 2007
- ICE Homepage (Futures Europe) IntercontinentalExchange official site
- NYMEX homepage (Market Data Overview) New York Mercantile Exchange official site