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Oil rises to new highs near $130 on demand worries

SAN FRANCISCO (MarketWatch) -- Crude-oil futures reached a new record high Tuesday as continued concerns over the balance of supply and demand and a forecast of $150 by the year's end from Texas oil man T. Boone Pickens helped to extend a winning streak in prices that have already climbed almost 3% in two sessions.
Crude for June delivery climbed as high as $129.45 a barrel on the New York Mercantile Exchange. It was last up $2.10 at $129.15. Prices reached an all-time high of $129.58 in electronic trading.
The June crude contract expires at the end of trading Tuesday. Contract expiration often adds volatility to the market and exaggerates the moves in prices.
"There's so much bullish sentiment in the market. Banks are upping their price targets on oil, and that's feeding the frenzy," said John Kilduff, analyst at MF Global.
"They (the banks) are basing this on consumption outstri

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Added: May-20-2008 
By: PiRaTeCoPy
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  • source http://www.marketwatch.com/news/story/crude-climbs-closer-130-price/story.aspx?guid={311487E7-DB48-4804-93AB-17DA2EFD91BE}

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  • Comment of user 'viperfoxbat' has been deleted by author (after account deletion)!
    • i would think that the perfect alternative is already established and costs nothing.....and thats the problem...the dollar works on oil.

      Posted May-20-2008 By 

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  • Oil is way overbought. It will trade down to at least 110 soon, before going to 150. I took the other side of Pickens long trade. We'll see if the Oil billionaire is a smarter trader than I. I was long oil, but now I went short.

    Posted May-20-2008 By 

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  • The bubble has burst...

    Posted May-22-2008 By 

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  • high commodities prices(including oil
    and food) is due to USA and other capitalist
    nations INVESTORS holding these products off the
    market for short term gain. PEOPLE CHANGE YOUR
    TYPE GOVERNMENTS OR CONTINUE TO SUFFER. the oil
    companies and opec are profiting. TAX THIER
    WINDFALLS RETROACTIVELY.

    Posted May-22-2008 By 

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