Business

Oil hits record near $81
by Delia Cruceru

A new record was settled yesterday as the price of oil soared above US$81 a barrel, as the Federal Reserve is expected to cut its interest rate. The world's largest consumer of energy, U.S. is going to worst times because oil prices have set new records over US$80 a barrel in recent days for a number of reasons like the subprime mortgage industry problems in U.S. Last week hurricane Humberto cut the power in Texas temporally shutting down some refineries but the facilities will restart soon. "The U.S. refining system is still laboring to get back fully on its feet following the mayhem of the 2005 hurricane season," Vienna's PVM Oil Associates said Tuesday in an energy market report. Light sweet crude has set a record of $80.88 a barrel in electronic trade after being at $80.57 during the regular session. Officials from Organisation of the Petroleum Exporting Countries (OPEC) said that the oil prices are going to stay at $80 a barrel. "OPEC has done what it can. I see no need for additional oil supply that the market won't absorb," Qatar's oil minister, Abdullah bin Hamad Al Attiyah said. OPEC announced last Tuesday that it would pump an extra 500,000 barrels of oil per day by November 1.

related story: http://uk.news.yahoo.com/rtrs/20070917/tbs-uk-markets-oil-9c49c44_2.html

by Delia Cruceru for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 2:22 PM