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Midday Swing Bats Oil Prices Back Up
By John Stith
Staff Writer
Article Date: 2005-04-19
Light sweet crude climbed back over the $51 mark on Tuesday signaling what some experts say may be a seasonal low. The market has dropped $8 since it hit its high a couple of weeks ago and it dropped to $49.66 at one point yesterday before finishing $50.37 and shot up to $51.65 in today's trading.
Brent crude was also up $1.63 to 52.41 on trading in London at the International Petroleum Exchange. Heating oil prices as well as gasoline prices continue to climb as well.
Much of the problem today stem from the instability in the Russian market particularly since they are now the second largest petroleum producer behind Saudi Arabia and the Russian authorities have been freezing Yukos assets.
Many believe the Russian attempts to control Yukos is one major force behind the soaring prices.
The U.S. Department of Energy releases its petroleum stock report on Wednesday and the May contracts also end on Wednesday. The report will shift its emphasis from heating oil to gasoline for summer travel season.
Experts warn the bearish market is becoming more difficult to justify.
About the Author:
John Stith is a staff writer for WebProNews covering technology and business.
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