World oil prices hit 9-year high : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Updated 12:32 p.m. EST, Thu Feb 10, 2000 SEARCH Go

World oil prices hit 9-year high

LONDON - World oil prices powered to a nine-year high on Thursday as dealers worried that oil producers would not act to restore depressed inventories.

Brent crude futures by mid-afternoon in London rose 45 cents to $27.37 a barrel - the highest oil price since the 1990-1991 Gulf crisis. U.S. crude surged to $29.28 a barrel.

Oil dealers said low inventory levels had pushed the market sharply higher after latest weekly U.S. data showed crude stockpiles staying at the lowest in a generation.

U.S. crude inventories of 283 million barrels are the lowest since 1976, when stockpiles last went below 280 million barrels, and days of forward supply are much lower than at that time.

-- Homer Beanfang (, February 10, 2000


as of 2:30 est NYMEX Crude is $29.43

-- Exit 316 (, February 10, 2000.


Seems like I read somewhere, that the government was going to make a dicision today, about oil shortages in the northeast and were going to do something about it, what, I have no idea, any news on it, am stuck here in the middle of no where no news except what I get on my slow internet.


-- sandy (, February 10, 2000.

well guess the question was to stupid goodnite, but homer I like your posts... sorry I cannot ask stupid questions like why ants are in the middleof an island on a lake and what they do when the water rises. goodnite all you poor folk


-- yo (, February 10, 2000.

Govt declined to release anything from the Strategic Petroleum Reserve, since it would take about 2 months for that crude to get processed, by which point (late April) few of the folks in the NE would need it. They did release $100M or so to help low-income families pay for heating oil.

Diesel and kerosene reportedly hit $2/gal in some parts. *ouch*

-- DeeEmBee (, February 11, 2000.

Moderation questions? read the FAQ