Weakening Demand? Oil Still Passes $100 |
| Wall Street Journal - Feb 20, 2008 |
Crude-oil prices finished slightly above $100 a barrel for the first time yesterday despite signs the world's petroleum thirst may be subsiding.
The latest surge surprised many in the oil patch who have expected prices to head in the other direction as oil stockpiles increase and the U.S. experiences an economic slowdown, softening demand for energy. Higher prices put more pressure on the Organization of Petroleum Exporting Countries to keep supplies steady despite some calls within the cartel to cut output.
If prices linger at or above $100 a barrel, energy-intensive industries such as oil refiners and airlines could face higher costs, as could consumers. Oil's rise helped reverse a stock-market rally yesterday.
Read Full Article from Wall Street Journal
- Posted: 2008-02-20 09:43:39
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