August 8, 2006 12:35 PM
Oil Climbs Above $51 a Barrel on Concerns About Supplies
Excerpt: Crude oil prices rose nearly 6 percent today to their highest level in three months, jumping above $51 a barrel again, on concerns that OPEC might curb supplies, while cold weather in North America and Europe pushed up heating oil prices.
Crude oil prices rose nearly 6 percent today to their highest level in three months, jumping above $51 a barrel again, on concerns that OPEC might curb supplies, while cold weather in North America and Europe pushed up heating oil prices.
"The path of least resistance was clearly on the upside today," said Eric Bolling, an independent oil trader on the New York Mercantile Exchange, who is betting both crude oil and natural gas prices will continue to rise. "You've had weather and OPEC combined with a strong market. I would be reluctant to pick a top in the market right now."
Crude oil for March delivery gained $2.80, or 5.8 percent, to $51.15 a barrel on the New York Mercantile Exchange today, as trading resumed after Monday's holiday. Heating oil futures rose to their highest since October, with the March contract rising 9.09 cents, or 6.7 percent, to $1.4402 a gallon.
The jump in oil prices weighed on the stock market, as investors feared higher energy costs would cut into corporate profits and hurt the economy. The Dow Jones industrial average dropped 174.02 points, or 1.6 percent, to 10,611.20, while the Standard & Poor's 500-stock index fell 17.43 points, or 1.5 percent, to 1,184.16.
Oil prices have rise 48 percent in the last year, pulled up by strong growth in the demand for crude and concerns that supplies were lagging or might be interrupted. Crude prices in New York rose to a record $55.65 a barrel in October.
While most analysts expect demand to slow this year, consumers in China or the United States are not cutting back significantly despite the high prices.
The International Energy Agency, in a report earlier this month, cut its forecasts for Canadian and Russian production and warned that the output of producers outside of Organization of Petroleum Exporting Countries would slow this year.
The gain in oil prices "reflects a realization that 2005 has the potential to be an even tighter year than 2004," said Kevin Norrish, an analyst at Barclays Capital.
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