Oil keeps rising. It is now at 96 dollars a barrel
Uncategorized November 1st, 2007
Thank you very much Federal Reserve. A new day and a new old time high for oil.
This is how the Media is covering the story.
USA Today says
Oil rises to record above $96 a barrel
LONDON (AP) — The price of oil rose to another record above $96 a barrel Thursday after the surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand.
It was the second week in a row that the U.S. Energy Information Administration reported a sharp and unexpected drop in oil inventories.
The New York Times says
Stocks Fall Sharply as Oil Reaches $96 a Barrel
NEW YORK (AP) — Wall Street plunged in early trading Thursday as surging oil prices and slower growth in consumer spending erased optimism about the Federal Reserve’s rate cut. The Dow Jones industrials skidded more than 200 points.
Inflation fears revived as crude oil vaulted to a record $96 a barrel. Meanwhile, a report from the Commerce Department indicated consumers scaled back their spending in September as worries mounted about a worsening housing market and further credit market turmoil.
and the LA Times says
Oil Above $96 on Drop in US Supplies
LONDON — The price of oil rose to a record above $96 a barrel Thursday after a surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained
