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Crude Oil Futures Rise to Record on Concern About Supply Cuts ($43.14 a barrel)
Bloomberg ^ | July 30, 2004 | Sri Jegarajah

Posted on 07/30/2004 1:07:01 AM PDT by RWR8189

July 30 (Bloomberg) -- Crude oil futures in New York rose to a record on concern increased demand and disruptions to supply may sap inventories before the Northern Hemisphere's winter, when heating fuel consumption peaks.

Oil rose as high as $43.14 a barrel, the highest in the 21 years since the futures began in New York, and traded at $43.13 at 2:39 p.m. Singapore time. On Wednesday, oil rose to $43.05 a barrel after OAO Yukos Oil Co., Russia's biggest oil exporter, said its shipments may be cut by a dispute with the government over tax payments.

Oil futures have risen 41 percent in the past year as economic growth in China and the U.S. fueled demand and as shipments were disrupted by sabotage of pipelines in Iraq, labor unrest in Nigeria and civil unrest in Venezuela.

(Excerpt) Read more at quote.bloomberg.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: brent; crude; crudeoil; energyprices; nymex; oil; oilshock; oilsupply; opec; peakoil; saudis; yukos

1 posted on 07/30/2004 1:07:05 AM PDT by RWR8189
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To: RWR8189

Kerry slammed the House of Saud in his speech. They out to return the favor by opening the spigots.


2 posted on 07/30/2004 1:11:18 AM PDT by Jeff Chandler (Do Chernobyl restaurants serve Curied chicken?)
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To: Jeff Chandler

out = aught


3 posted on 07/30/2004 1:11:34 AM PDT by Jeff Chandler (Do Chernobyl restaurants serve Curied chicken?)
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To: RWR8189

ANWR! ANWR! ANWR! Horizontal drilling! Horizontal drilling! Horizontal drilling! Bush needs to get serious about this! I'm SICK of depending on other countries for oil!


4 posted on 07/30/2004 1:11:56 AM PDT by Arthur Wildfire! March (Ernest's remark about the the Sloppy Sock Berglar: Soxgate and Sexgate equals Suxgate.)
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To: RWR8189

Curious.

The Dem convention ends, and the Saudis attack President Bush immediately trying to destabilize him.

Moore is so so wrong: The Saudis hate Pres. Bush.

The want pro-Palestinian, blind-eye-toward-Wahabbism Kerry in the White House.


5 posted on 07/30/2004 1:12:00 AM PDT by xzins (Retired Army and Supporting Bush/Cheney 2004!)
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To: RWR8189
http://www.peakoil.net/

I'm serious.

6 posted on 07/30/2004 1:16:42 AM PDT by neutrino (Lord, what fools these mortals be! (William Shakespeare, Midsummer Nights Dream))
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To: xzins

You are so right.


7 posted on 07/30/2004 1:17:21 AM PDT by ETERNAL WARMING (He is faithful!)
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To: xzins

I didn't read the entire article but yesterday I heard that much of the recent rise was due to the possibility of a Russian oil company being forced to shut down over an unpaid tax bill.


8 posted on 07/30/2004 1:28:02 AM PDT by leadpenny
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To: leadpenny

oops. There it is in the excerpt.


9 posted on 07/30/2004 1:29:00 AM PDT by leadpenny
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To: Arthur Wildfire! March
Can't BUsh just drill in time of war for security reasons? This is gubmint land for the people's use right? Have some bids and get to drillin and oil will be under $30 before the year out just because they know we will have our own.

We shouldn't have to convince Earth Firster's to save our country's economy.

10 posted on 07/30/2004 1:30:41 AM PDT by chuckles
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To: RWR8189

Check the post a bit later than this one which said oil prices are going down. The Saudi's are going to be pumping oil like mad. The Russians will try to keep the price up, so it will be interesting.


11 posted on 07/30/2004 1:55:03 AM PDT by KeyWest
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To: RWR8189
Crude Oil Futures Rise to Record on Concern About Supply Cuts ($43.14 a barrel)

Why does the U.S.A. still 'pay' for Islamic Russians?

The 'Soviet' Mosque Tax.......

Sad,.......

WW-III,....WW-IV,......WW-'V'.....

/sarcasm

12 posted on 07/30/2004 4:03:19 AM PDT by maestro
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To: leadpenny

Yes: investors are concerned about that Russian oil company.

It is also important (just for the sake of confusion's sake) to recognize that the commodity market has gasoline listed significantly below the $1.47/gal price it was a couple months ago. Last I checked it was at $1.27/gal.


13 posted on 07/30/2004 4:31:27 AM PDT by AFPhys ((.Praying for President Bush, our troops, their families, and all my American neighbors..))
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To: RWR8189

Will this help companies like Harken (HEC), etc. or just end up being a bust?


14 posted on 07/30/2004 4:46:44 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: RWR8189

Two months ago, I reported that Tx oil magnate T. Boone Pickens predicted $3.00/gal at the pumps before fall. I also advised not to sell short in oil...LOL.

Hope you still have you're money!

We'll see on his prediction...


15 posted on 07/30/2004 1:57:26 PM PDT by Indie (Ignorance of the truth is no excuse for stupidity.)
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