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Oil hits new record above $92

LONDON - Oil rallied to a fresh record high above $92 a barrel on Friday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria, according to Reuters.

Oil's bullish momentum has pulled in increasing amounts of speculative investment and waves of technical buying have been triggered as U.S. oil pierced successive lines of resistance.

The price of crude oil is now closing in on its inflation-adjusted high of $101.70 seen over the course of April 1980, a year after the Iranian revolution and at the start of the Iran-Iraq war.

Posted by Peter C. T. Elsworth  at 10:00 AM to Crude oil market | Permalink

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