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Oil prices hit new 13-year high
New York., May 06: Oil prices hit a new 13-year high on Wednesday and analysts say they expect prices to stay high due to escalating tensions in the Middle East and tight gasoline supplies in the U.S.
New York., May 06: Oil prices hit a new 13-year high on Wednesday and analysts say they expect prices to stay high due to escalating tensions in the Middle East and tight gasoline supplies in the U.S.
A deadly weekend attack on a petrochemical plant in Saudi Arabia, the world's largest oil producing nation, is putting a bounce in the step of oil traders.
"I take these terrorism incidents quite seriously, especially in Saudi Arabia," said Raymond Carbone, president of Paramount Options. " And, there could be a time when all Iraqi oil is off the market if the situation degenerates further in the south of Iraq. So I am overall bullish, at least for the near term."
Crude oil prices topped $39 a barrel for the second day running aided by the price of gasoline futures, which continue to defy gravity by carving out new highs virtually every day.
Bureau Report
Bureau Report