Javiar Blas reported for the Financial Times of London on Thursday, July 12, 2007 that crude oil pricing rose about $77 a barrell as United States Crude breaches $77 as US petrol demand soars
Crude oil prices Thursday rose to a new 11-month high above $77 a dollar a barre; supported by strong US gasoline consumption and investment fund money flowing into the energy markets to take advantage of the strong demand. United States gasoline l consumption rose last week to 9.7 thousand barrels a day, the third highest reading ever and the highest for 2007, according to Lehman Brothers data.
The stock market and in particular the energy market investors are also increasingly worried about non-Opec production falls in mature areas, such as the North Sea. The energy representatives for the country of Norway reported on Thursday that crude oil production fell in June to 1.8 thousand barrels per day, the lowest level of crude oil output since 1994.
No comments:
Post a Comment