[Peakoil] oil at record high

[Jenny Goldie]

Oil ends week on record high
From: Agence France-Presse 
>From correspondents in New York

July 15, 2006 

IGNITED by a flare-up in violence in the Middle East, world oil prices ended the week at record highs as prices in New York and London spiked to over $US77 a barrel overnight.

New York's main contract, light sweet crude for delivery in August, rallied 33 cents to close at $US77.03 a barrel. 
However, New York prices had broached $US78 in overnight electronic trading.

In London, Brent North Sea crude for August delivery settled at $US77.27, up 58 cents from Thursday.

Friday's gains came after oil prices smashed the $US76-dollar-a-barrel barrier for the first time Thursday, and amid steep prices gains in recent days as Israel mounted a military offensive across Lebanon and Hezbollah guerrillas fired rockets into Israel.

"We have to conclude that this will get worse before it gets better, and the possibility exists that forces may have been unleashed that may be difficult or even impossible to contain," said John Kilduff, an energy analyst at Fimat USA.


"Market participants must now let prudence be their most influential guide; thus, there are many more reasons to buy than sell," he said. 

  
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