Oil Prices Top $53 a Barrel, Set Record

[Yo_Mama_Been_Loggin]

By BRAD FOSS, AP Business Writer

Oil futures prices advanced to a new high Monday as a strike began in Africa's largest exporter of crude, exacerbating global supply concerns at a time of strong demand and reduced output in the hurricane-ravaged Gulf of Mexico.

Worries about Russian oil supplies also persist as oil giant Yukos, already struggling to repay a multibillion-dollar back-tax bill, got hit Monday with $1.34 billion in fines.


Crude for November delivery rose 33 cents to $53.64, surpassing Friday's record settlement price of $53.31 on the New York Mercantile Exchange.

http://story.news.yahoo.com/news?tmpl=story&cid=530&e=1&u=/ap/20041012/ap_on_bi_ge/oil_prices

[WillyT]

1. Yep... And Here's What I Saw This Weekend, Before Today's Rise:

Link: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x2475156

:shrug:

[struggle4progress]

2. Bet it'll be a record year for oil company profits. eom

[Tight_rope]

3. Damn...I'm not an economist...but I predicted it would hit $50 by Nov.

Like I said, I'm not an economist but damn hitting over $53 in mid-October is over the top. What happened to all of Bushs* so-called arabi friends that were going to help us (him) out.