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Oil nears $123 on $200 oil prediction, supply concerns
A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday's buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say. Light, sweet crude for June delivery jumped to a new record of $122.73 a barrel before retreating to settle up $1.87 at a record $121.84 on the New York Mercantile Exchange. In other Nymex trading Tuesday, June gasoline futures rose 5.26 cents to settle at $3.1055 a gallon after earlier setting a new trading record of $3.126. June heating oil futures rose 4.7 cents to settle at $3.3535 a gallon after rising to their own trading record of $3.3712, and June natural gas futures fell 2.8 cents to settle at $11.15 per 1,000 cubic feet. In London, June Brent crude futures rose $2.18 to settle at $120.31 a barrel on the ICE Futures exchange. The Energy Department raised its oil and gasoline price forecasts, but also predicted that high prices will cut demand more than previously thought. Posted by: Steve White 2008-05-07 |
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