According to the analysts, the move may have little impact amid soaring demand and concerns over potential supply disruptions.
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Crude Hit Fresh Record: $56.46
Crude oil prices hit all-time highs Wednesday after the US government data showed...
Crude oil prices hit all-time highs Wednesday after the US government data reported a drop in US petrol and heating stock reserves.
US Light sweet crude jumped $1.41 to $56.46 a barrel on the New York mercantile Exchange. On London?s IPE Brent crude futures rose 95 cents to $54.80 a barrel.
OPEC yesterday agreed to lift production ceilings by an extra 500,000 barrels a day to help ease high prices.
According to the analysts, the move may have little impact amid soaring demand and concerns over potential supply disruptions.
According to the analysts, the move may have little impact amid soaring demand and concerns over potential supply disruptions.
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