Size: +/
Crude oil prices going up again

Prices for crude oil topped $54 a barrel on Friday following a disruption of exports from Iraq.

Light, sweet crude oil rose to $54.12 per barrel in trading on the New York Mercantile Exchange.

According to interviews on forbes.com, experts said disruptions from Iraq – where a northern pipeline closed following attacks just a day after it restarted for the first time in months – were mostly to blame for the increase in prices.

In its weekly report, the U.S. Department of Energy said that demand for distillate – which includes diesel – rose more than 7 percent the week of May 29. That demand is not expected to slow any time soon.

Meanwhile, diesel prices at the pump continued to rise on June 3, according to ProMiles. The national average rose 2.1 cents overnight to $2.212 per gallon.

In other news, the European Union is expected to ask the Organization of Petroleum Exporting Countries to increase production when the two entities meet on June 9. OPEC representatives, however, said the cartel is planning to maintain current output levels.

AddThis Social Bookmark Button
Copyright © 2007 OOIDA | All Rights Reserved | Privacy Policy
1 NW OOIDA Drive | Grain Valley, Missouri 64029
1-800-444-5791 | (816) 229-5791