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Previous | Next :: Oil Record High $91 : Gas Station 9th Av and 24th St : NYC | October 26, 2007, 12:04 am

Oil Record High $91 : Gas Station 9th Av and 24th St : NYC
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Oct. 26 (Bloomberg) -- Crude oil rose to a record above $91 a barrel in New York on an unexpected drop in U.S. stockpiles and concern that supply from the Middle East may be disrupted.

Inventories last week fell 5.29 million barrels to the lowest since January, the U.S. Energy Department said. New U.S. sanctions against Iran, warnings of a Turkish assault on Kurdish militants in Iraq and a falling dollar helped push prices higher. Brent futures in London reached a record.

The market has been particularly surprised by that 5 million-barrel drop in crude, that was really one out of left- field,'' said Mark Pervan, a commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne.As much as we're seeing concern about Middle East stability, it's a dollar-driven story as well. It's a bit of a perfect storm.''

Its bad news all taxi and limo drivers........ they are going to have to pay much higher gas prices ..... and the taxi drivers are gonna be paying for the GPS system too.

Cheers Jez XX

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