Wow this is just great. Energy costs for industry is not high enough already? To think it was 12 bucks a barrel not all that long ago
Oil climbs on $150 forecast
PABLO GORONDI
Friday, June 06, 2008
BANGKOK, Thailand — Oil is trading above $134 per barrel on an analyst prediction that prices could hit $150 by July 4.
Prices jumped $6.43 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a “short-term spike in oil prices,” on the back of rising demand in Asia, Dow Jones Newswires reported.
By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange.
On Thursday, the contract rose $5.49 — its biggest single-day price increase in Nymex history — to settle at $127.79 a barrel. Larger one-day percentage jumps have taken place in the past.
