Oil surges to new record $100 next


	Oil surges to new record $100 next

BobbyDelray

10-25-2007 11:35 PM

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tags:

oil, price, futures, opec, production, nauman barakat, phil flynn, marketwatch

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/71ce3f69-af7c-4f3a-9e43-32cfbf3fdc41/042540A9-57CF-4ACD-8D65-863A6C04AAED/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.usatoday.com/ondeadline/" href="http://blogs.usatoday.com/ondeadline/" style="font-size: 11px;">blogs.usatoday.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.usatoday.com/ondeadline/"><P>Worries over supplies and conflict in the Mideast sent oil futures to another record close — <A href="http://www.usatoday.com/money/industries/energy/2007-10-25-oil-thur_N.htm">$90.46 a barrel</A>. <BR /><BR />"It was an explosive day. They've blown the top off this market," oil analyst Phil Flynn told <A href="http://www.marketwatch.com/news/story/crude-futures-close-new-record/story.aspx?guid={06B9BB7D-671E-4EC0-957A-53311A43177A}">MarketWatch</A>. "Another bullish perfect storm. You had the Iranian sanctions that caused nervousness, doubts about OPEC's ability to increase production. You had another weak dollar today and strong commodities across the board." </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.usatoday.com/ondeadline/"><P>"It's not a question of when we'll hit $100 but how quickly,'' said Nauman Barakat, an executive at Macquarie Futures, interviewed by <A href="http://bloomberg.com/apps/news?pid=20601087&sid=aeB0nwJWhG2E&refer=home">Bloomberg</A>. "There are no bearish factors in the market right now.''<BR /><BR />Today's <EM>Wall Street Journal</EM> quotes an OPEC official saying the cartel won't announce new output quotas — beyond an additional 500,000 barrels a day for November — at next month's meeting. That comes in the wake of an unexpected drop in U.S. stockpiles. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.usatoday.com/ondeadline/"></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/042540A9-57CF-4ACD-8D65-863A6C04AAED/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>