Oil at Post-Iraq War High

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&cid=580&ncid=580&e=8&u=/nm/20040301/bs_nm/markets_oil_dc

LONDON (Reuters) - Oil prices hit post-Iraq (news - web sites) war highs on Monday, inflamed by low U.S. inventories and worries about political instability in producer nation Venezuela.


U.S. crude touched $36.45 a barrel, the highest price since shortly before the U.S.-led invasion of Iraq in March last year and at 1230 GMT (7:30 a.m. EST) was up 20 cents at $36.36 a barrel. Brent crude oil in London rose 35 cents to $32.57 a barrel.


Oil prices have jumped more than $3 since OPEC (news - web sites) agreed last month to cut supply quotas by four percent from April and rein in production over existing limits.


The International Energy Agency, representing 26 industrialized nations, said prices were too high for consumers.

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[frylock]

1. yet, i'm paying $2.20 a gallon for regular..

go figure. :shrug:

[bemildred]

2. It's got nothing to do with Venezuela.

Venezuela is pumping oil like mad, more than before
the "strike". It's got everything to do with OPEC and
Shrub's dollar weakening policies.

[Voltaire99]

3. Looks like those +10,000 deaths in Iraq weren't in vain!

Thousands dead. The earth blasted. Misery as far as the eye can see.

And still your SUV can't catch a break at the pump!

[malachi]

4. Greedy bastards (BFEE, et al)

Why is that when Billy C was in the Whithouse every time the price of a gallon of gas went up 2-3 cents we heard thru the "liberal" media that the rise was indicative that his economic policies were a failure? Prices go up and up with the chimp in charge and no a word is uttered.

[UpInArms]

5. current oil/barrel price

CLJ4 Light Sweet Crude Oil Apr (NYMEX) 36.86 +0.69

if you look at the chart on this page

http://quotes.ino.com/chart/?s=NYMEX_CLJ4&v=dmax

I dare any of you to give me an answer on where this is going.