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July 05, 2006

Oil Price Sets Another New Record Peak Oil

Oil topped $75 a barrel today, setting a new record. Reuters:

Oil closed at a record high above $75 a barrel Wednesday on strong U.S. demand and ongoing tensions over Iran's nuclear program.

U.S. crude closed $1.26 higher at $75.19 a barrel after hitting a record $75.40 a barrel trading high earlier Wednesday. The market was was closed Monday and Tuesday for the Independence Day holiday. London Brent crude was up $1.52 at $74.03.

The previous record close was on April 21, 2006.

Prices will continue to zig-zag higher. Demand is growing, supply isn't. Econ 101.

Posted by Jonathan at July 5, 2006 08:06 PM  del.icio.us digg NewsVine Reddit YahooMyWeb