Oil prices climb on tight supply report
Thu, September 13, 2007
NEW YORK -- Oil futures prices rose sharply yesterday, briefly climbing above a record US$80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.
>still being caught out by surprise on this old, old subject?<
The report from the Energy Department's Energy Information Administration suggested oil supplies are tightening as demand remains strong. That's why oil prices are rising despite OPEC's decision Tuesday to boost crude production by 500,000 barrels a day this fall, analysts said. Despite yesterday's jump, oil is still well below inflation-adjusted highs hit in early 1980.
>Yes, but not for much longer unfortunately.<
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