Oil Hits New High

by Darren

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Black gold. Texas Tea. You know the rest. The very thing that made Jed Clampett so rich is doing the same for many companies these days. Oil has hit an all new high and ‘where will it go from here’ is the question on everyone’s lips.

Light, sweet crude for November delivery rose $1.09 to $88.69 a barrel on the Nymex after rising to a record $89 earlier.

Oil prices initially fell after the Energy Information Administration reported that crude inventories rose by 1.8 million barrels during the week ended Oct. 12, more than the 1 million barrel increase analysts surveyed by Dow Jones Newswires, on average, had expected.

But prices reversed course and rose after the Turkish parliament vote. Traders worry that any escalation in the conflict between the Kurds and Turkey will cut oil supplies from northern Iraq. Despite the decision, Turkey’s government said an incursion into Iraq isn’t imminent.

The high cost of oil and the slowdown in the home building business have everyone concerned.

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