Crude oil passes US$94.00 a barrel; sets new all-time record high
{{date|October 31, 2007}}
{{Economy and business}}
Another record has been set in [[w:crude oil|crude oil]] prices. The price of oil soared past [[w:United States dollar|US]]$94.00 a barrel. [[w:New York Mercantile Exchange|New York Mercantile Exchange]] (NYMEX) crude oil for December delivery closed at US$94.23 per barrel, after peaking at $94.74, the highest price on record. In [[w:Late trading|after hours trading]] futures have crossed over the $95.00 per barrel mark.

On the [[w:IntercontinentalExchange|IntercontinentalExchange]] (ICE), December [[w:Brent Crude|Brent Crude]] also rose to a record $90.63 after touching an all-time high of $90.94 with current futures are trading at over $91.00 a barrel.

Today's rise is said to be mainly caused by the [[w:United States Department of Energy|United States Department of Energy]]'s inventory report that showed an unexpected drop in crude oil stockpiles. Last week, U.S. stockpiles were down nearly four million barrels of oil.

[[w:Tropical Storm Noel (2007)|Tropical Storm Noel]] is also believed to be a cause of rising prices. Because of the storm, one-fifth of [[Mexico]]'s oil production was suspended while the storm passed, but production is expected to resume by the end of today.

{{haveyoursay}}
==Related news==
*{{wikinews|title=Oil prices reach all-time high; pass US$91.00 per barrel|date=26 October 2007}}

== Sources ==
*{{source|url=http://news.bbc.co.uk/2/hi/business/7071696.stm
|title=Oil price at record $94 a barrel
|author=
|pub=BBC News Online
|date=October 31, 2007}}
*{{source|url=http://afp.google.com/article/ALeqM5hkCs7FFZibI62UwWHFG_wy98IdLw
|title=Oil price hits record 94 dollars a barrel
|author=
|pub=Agence France-Presse
|date=October 31, 2007}}

==External links==
*[https://www.theice.com/homepage.jhtml ICE Homepage (Futures Europe)] IntercontinentalExchange official site
*[http://www.nymex.com/index.aspx NYMEX homepage (Market Data Overview)] New York Mercantile Exchange official site

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{{archived}}
[[Category:World]]
[[Category:Economy and business]]
[[Category:Energy]]

[[es:El crudo pasa los 94 dólares por barril e impone un récord inédito]]
Another record has been set in crude oil prices. The price of oil soared past US$94.00 a barrel. New York Mercantile Exchange (NYMEX) crude oil for December delivery closed at US$94.23 per barrel, after peaking at $94.74, the highest price on record. In after hours trading futures have crossed over the $95.00 per barrel mark.

On the IntercontinentalExchange (ICE), December Brent Crude also rose to a record $90.63 after touching an all-time high of $90.94 with current futures are trading at over $91.00 a barrel.

Today's rise is said to be mainly caused by the United States Department of Energy's inventory report that showed an unexpected drop in crude oil stockpiles. Last week, U.S. stockpiles were down nearly four million barrels of oil.

Tropical Storm Noel is also believed to be a cause of rising prices. Because of the storm, one-fifth of Mexico's oil production was suspended while the storm passed, but production is expected to resume by the end of today.
World Economy and business Energy