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Monday, August 09, 2004

Oil Hits New Record

Although obviously this new high, $44.75 per barrel, is higher and therefore seemingly more newsworthy than the previous highs set in the six previous trading sessions, apparently it no longer qualifies as news. While it made headlines last week, I had to go to a financial web site today, since I saw nothing about it on the NY Times or CNN web sites. Maybe, given what's coming, the new record isn't making much of an impression (my emphasis):
"Yukos is throwing everyone for a loop and now the reality is setting in that this market, at least for the next three months, is heading into much higher territory," said Kevin Kerr, a senior trader at Kwest International.

If there is a major event that prompts the loss of a significant amount of oil, prices "could see the back of $100," he said.