ALERT: Oil now $87

AFP
Published:Oct 17, 2007

Oil prices eased slightly in Asia on Wednesday but remained above 87 dollars a barrel in a market focussed on a potential Turkish incursion into northern Iraq.

While expressing concern at the price rise, the chief of the Opec oil cartel said the world oil market remains well supplied. [NVDL: Re-he-he-heaaaaallly.]

New York’s main oil futures contract, light sweet crude for delivery in November, was 14 cents lower in late morning trade at 87.47 dollars a barrel.

In US trading on Tuesday, oil struck a record intra-day high of 88.20 dollars before dropping back to settle above 87 dollars for the first time, at 87.61 dollars a barrel.
On Monday it jumped more than two dollars.

The price of Brent North Sea crude was not immediately available. In London trade on Tuesday, Brent for November delivery advanced 1.41 dollars to settle at 84.16 dollars, after earlier hitting an all-time high of 84.49 during the session.

For the rest of this article from The Times, click here.

NVDL: The amazing thing is you still have to hunt for this information. It should be blasting across news headlines. People should at least hesitate about the idea of driving to work tomorrow. Meanwhile OPEC (aka The Bullshitters) would have us know this is all under control, all part of their scheme, and never mind, they'll open the taps in November. 2 weeks to go.