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Crude oil closes above 75 dollars a barrel in New York
AFP
NEW YORK
Petroleumworld.com 04 22 06Oil prices jumped to new record highs on global markets Friday, topping 75 dollars a barrel in New York for the first time, amid growing concerns about the Iranian nuclear crisis and a US gasoline supply crunch.
The June contract for light sweet crude closed up 1.48 dollars at 75.17 dollars a barrel -- the highest-ever close for a front-month contract after rising as high as 75.35.
The May contract expired Thursday at 71.95 dollars a barrel.
In London, the June contract for Brent North Sea crude also hit a historic high of 74.79 dollars a barrel before settling back to close at 74.57 dollars, up 1.39.
The market is fraught with fears that the United States might launch strikes at uranium facilities in Iran, which is the world's fourth-biggest crude producer. At the same time, worries are growing over US gasoline supply shortages.
Analysts said speculative cash is fueling the records along with growing fears about the geopolitical situation.
"The recent jump in oil prices looks to be a speculative play rather than one grounded in fundamentals, as Chad and Venezuela joined Iran and Nigeria in driving fears of possible oil supply disruptions," said Richard Kelly, economist at TD Bank Financial Group.
But Kelly acknowedged that "oil prices are unlikely to moderate until these political tensions subside."
Any action against Iran -- the second biggest member of the Organization of Petroleum Exporting Countries after kingpin Saudi Arabia -- could disrupt the country's exports.
Iran, which exports some 2.7 million barrels of crude per day, denies the charge and says its program is strictly for producing nuclear energy.
Traders are also concerned that some 20 percent of Nigerian crude output remains offline following recent rebel attacks on the country's energy installations in the Niger Delta. Nigeria is Africa's biggest crude producer.
"There is a high probability of further disruptions in Nigeria as we haven't seen the end of the attacks," said Tony Nunan, an energy risk manager for Mitsubishi Corp in Tokyo.
Mike Fitzpatrick at Fimat USA said meanwhile that trading this week has been "somewhat frenetic as speculative interests tied on to the fear of 'extreme' US gasoline supply tightness this summer."
"Nothing's changed: the fundamental situation is tight and gasoline supply in the US is problematic," said Barclays Capital analyst Kevin Norrish.
The fall in supplies comes ahead of the US summer driving season, beginning in May, when US drivers take to the roads on vacation, pushing up demand for gasoline.
Oil prices are about 80 percent higher than in January 2005 and more than three times the level of four years ago, having been fueled also by strong demand from China and India, whose economies are booming.
Adjusted for inflation, current oil prices remain below levels reached after the 1979 Iranian revolution. According to Barclays Capital, in November 1979 crude prices surged to a high of 88.72 dollars per barrel in today's money.
AFP 04 21 06 2108 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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