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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   COVER STORIES Crude oil price hits $42 per barrel Wednesday, July 28, 2004 LAGOS—CRUDE oil prices yesterday rose to an all-time high of $42 per barrel. The increase has further brightened the prospect of Nigeria meeting the 2004 budget projection and overshooting it with a reasonable margin. The increase has also increased the margin of the windfall from oil which state governors are clamouring for their share of the excess earnings from oil. Tuesday increase in oil prices is attributed to speculative funds which took a spate of refinery problems and forecasts of shrinking US crude stockpiles. Global trend in recent time has shown that most refineries across the globe are having problems. It is not only in Nigeria as at today that is having problem in refining crude at home. US light crude jumped 56 cents to hit $42.00, 45 cents below 21-year highs logged in early June. London Brent crude rose 29 cents to $38.44, after hitting an eight-week high of $38.60. Dealers said funds had fueled the rise as worries over supply disruptions in the Middle East and from financial problems at Russian oil company, YUKOS, kept prices bubbling. Oil cartel, OPEC, is this month expected to pump 30 million bpd for the first time since 1979. That leaves most cartel members, except Saudi Arabia, with little spare capacity. “We know there’s high demand and the market reacts to any supply worries,” said FIMAT analyst, Julian Keites. Traders expect Wednesday’s weekly data on fuel stockpiles from the US Energy Information Agency to provide renewed market direction. Analysts polled by Reuters expect increased refinery activity to have cut crude stocks in the United States by 900,000 barrels in the week ended July 23. Supplies fell 3.6 million barrels in the previous week. Gasoline stocks are expected to fall just 150,000 barrels, and traders have become more relaxed about gasoline supply as the summer peak-demand period gets into full gear. The US government reported stocks had risen 2.5 million barrels in the week ended July 16, widening the surplus over a year earlier to 5 million barrels. However, a string of refinery outages in Germany, the Netherlands, Turkey and Japan has rekindled concerns over gasoline and heating oil supplies.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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