Taxi Driver Online

the price of a barrel of oil has just risen to $120.92 a barrell.
CNN news.

Oil prices soar to record one-day gain

Times online!


Oil surges to over $25 per barrel as investors respond to news of the US government bail-out by buying back into commodities

Oil prices posted a record one-day gain today, surging by over $25 per barrel as investors responded to news of a US government financial bail-out by dumping the dollar and aggressively buying back into commodities.

West Texas Intermediate crude oil futures for October delivery closed over $18 a barrel higher at $122.60 although the price briefly spiked as high as $130. In the last four days, oil prices have risen $31 a barrel.

The dramatic rise was exacerbated by the expiry of a benchmark monthly oil futures contract, which forced some oil traders to cover short positions.

It forced the New York Mercantile Exchange to briefly suspend electronic trading after crude prices leaped beyond a $10 daily limit. Trading quickly resumed and prices continued to rise, stoking fresh concerns about the impact of soaring oil prices on inflation.

Another contract, WTI for November delivery rose just $6.40 to $109.15, which analysts said reflected the fact that much of the increase was the result of a squeeze on short positions.

Nevertheless, the soaring oil price reflected a wider rally across commodity markets as investors sought refuge from volatile markets and a currency hedge against a falling dollar. Wheat, corn, soybeans and gold all rose sharply as investors asked whether the US Treasury’s $700 billion plan to acquire toxic mortgage-backed assets from banks could trigger a more rapid economic rebound than previously expected, boosting demand.

Independent analyst John Hall also said the oil market remained jittery following OPEC's decision earlier this month to curb production by around 500,000 barrels per day as it moved closer towards a period of peak winter demand. He said the loss of some 995,000 barrels per day of production from the Gulf of Mexico following Hurricane Ike was also a factor.

Since touching an all-time record of $147 per barrel on July 11, oil prices had slipped sharply amid expectations that the weakening global economy would undermine oil consumption. On Tuesday it touched a seven-month low of $91.50 per barrel.

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I knew I did right for a change, I filled up on the way home. Bet the pump prices go up tonight.
Funny though, when the price of oil goes down it takes weeks to come down at the pumps. Oil went down $56 a barrel from July to September,but only went down 7p at the pumps!!!!!!!!!
In that case the pump price should rise no more than about 3p but I bet they will double that.

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took she who must be obeyed shopping this morning to Morrisons,
you understand we went there only to see how the poor people are managing in the credit crunch,and to offer what help we can.
Filled up for £117.9p.
came past local tesco`s tonight,it was back up to £122.9p.was £119.9p.
saturday.

That was nice of them.

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IDFIMH

Its like a very big roller coaster, oil goes up house prices fall.
the higher the price of oil the less money folk have so even more in dept so mortgages dont get paid so the banks and building society's fold.
I wish these bloody Americans would peg the maximum price of a barrel to stop these greedy bar-stewards from profiteering

I went to Morrisons in the afternoon and it had gone up to £1.19 already.

Hope the gimp dont see you fuel prices one hundred and seventeen pounds nine pence is too much for derv surely.