Monday, June 30, 2008

Brent Crude Oil Closes in on $144 - Now $143.73 UP 2.44%

Oil at $150 ‘may be the tipping point’
High oil prices ‘could put SA in recession’

NVDL: Could?

CARACAS — Oil price hawk and major exporter Venezuela said at the weekend there was no evidence that record crude values were hurting demand despite economists’ predictions that the cost could dent demand and trigger a sharp price fall.

NVDL: ...because we are addicted to oil, demand will not come down by much, even if we try. Did you drive in your car today? Yesterday? Will you drive tomorrow? It's an addiction to a limited resource that is now becoming very limited.

Venezuelan Oil Minister Rafael Ramirez reiterated the Organisation of Petroleum Exporting Countries (Opec ) member’s position that oil markets were well supplied.

The comments come as oil continues to set new records, with oil surging to within a whisker of $143 on Friday. [Oil is right now almost $144]

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