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September 18, 2007 10:07PM
http://rawstory.com/news/afp/New_York_oil_price_hits_record_high_09182007.html

New York oil price hits record high of 81.80 dollars

The price of New York crude surged to a new record high of 81.80 dollars a barrel on Tuesday ahead of a US interest rate call and as traders fretted over tight energy supplies in the United States.

New York's main futures contract, light sweet crude for delivery in October, reached the all-time high in pit trading after already hitting a record peak above 81 dollars in electronic deals.

At about 1625 GMT, the contract stood at 81.60 dollars per barrel, a rise of 1.03 dollars from Monday's close.

In London, the price of Brent North Sea crude for November delivery won 52 cents to 77.50 dollars per barrel.

"The fundamental backdrop is that inventories are falling fast," said Barclays Capital analyst Kevin Norrish.

"Given the seasonal pick-up in demand plus the lack of very strong supply growth outside of OPEC, it looks like inventories will continue to fall."

Investors are worried that crude supplies are inadequate to meet heating fuel demand as winter approaches in the United States and other countries in the northern hemisphere............

...........Meanwhile, the OPEC oil cartel's announcement last week to pump an extra 500,000 barrels per day from November has failed to stop surging prices, with some analysts predicting prices could keep soaring to 85 dollars and beyond.

Goldman Sachs analysts said the OPEC decision to boost output came too late to keep prices down.

"We believe that this will be too little, too late, barring an outright collapse in demand, and now expect inventories to draw to critical levels this winter," they wrote in a note to clients.

Goldman Sachs also raised its year-end 2007 price forecast to 85 dollars per barrel, "with a high risk of a spike above 90 dollars per barrel," and said crude could hit 95 dollars by the end of next year.........
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