World of Oil ///
Nominal crude futures price hits new all-time high
The May delivery price for light, sweet crude on the New York Mercantile Exchange (NYMEX) hit a new, all-time nominal high on April 19, settling at $72.17/bbl. This exceeded closing records set on the immediate two past days, at $71.35/bbl and $70.40/bbl. At one point during April 19, the price was as high as $72.40/bbl. That figure topped the previous intra-day record of $71.60, set on April 18, and that figure had broken an earlier intra-day record of $70.85, set on Aug. 30, 2005. Geopolitical concerns on the part of oil traders continued to fuel the high prices, particulary the Western world’s stand-off with Iran on nuclear issues, as well as production disruptions in Nigeria and economic growth in China. Separately, Indonesia’s OPEC governor, Maizar Rahman, said that his country would propose that the group increase its output at the organization’s next meeting.
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