Oil hits fresh high after Ecuador pipeline rupture

[cal04]

Source: Reuters

Oil touched a new high above $103 on Friday after Ecuador shut a key export pipeline and a fire hit a major European natural gas plant, while the U.S. dollar's fall to a series of lows kept fresh funds flowing in.

Prices later shed initial gains, with U.S. crude down 4 cents to $102.55 a barrel by 10:44 p.m. EST, after hitting $103.05 in early morning trade, smashing the inflation-adjusted high of $102.53 reached in 1980, a year after the Iranian revolution.

London Brent crude dropped 6 cents to $100.84 a barrel.

The spike came ahead of OPEC's meeting in Vienna next week, where most members now say they are unlikely to raise production due to hefty global crude and fuel stocks ahead of the second quarter.

Read more: http://news.yahoo.com/s/nm/20080229/bs_nm/markets_oil_dc

[angstlessk]

1. every time a car has a fucking oil leak oil prices goes up! n/t

[Dr.Phool]

3. Just think of where we'd be if we still had all those leaky

AMF Harley-Davidsons from back in the '70s!

[peacetalksforall]

9. What am I reading. It's not even Friday on the West Coast of the U.S and

this article is being writtine as though it was the end of the trading day on Friday. Why past tense? Spooky.

[Ghost Dog]

10. Good morning from the Eastern Atlantic here:

Don't worry, that's the style of writing these people follow. And this is datelined out of Singapore, where friday's draing to a close.

Pricing oil in Euros, it would look far less dramatic. :hi:

[notadmblnd]

2. Oh no doubt!

Ecuador is such a major supplier to the world, next thing you know.. we'll have to ration it.

[Warren Stupidity]

4. Remember when they said "don't worry about 80"

'cause back in 1980 it was around 100? Now we've broken through the historic high. What is the next goal post that they will establish to frame reality as of 'no concern'?

Diesel at the pump this morning was 3.79. That has got to be hurting truckers.

[Daveenla]

5. VERY FISHY..

BIG OIL LOVES THIS TYPE OF SHIT.

[BeHereNow]

7. And so do the WAR PROFITEERS! Welcome to DU!

BHN:hi:

[Viva_La_Revolution]

6. Oil hits fresh high after Ecuador pipeline rupture AND U.S. DOLLAR FALLS

fckin sick and tired of misleading headlines :mad:

[gtar100]

8. I tripped over the pump hose and got charged an extra penny a gallon

The oil executives are simply shameless in their feigning cause-and-effect on pricing. Their thievery is absolutely transparent. They may be untouchable, for now...

Good thing the concept of "justice" exists. Too bad we have so little of it is in our corner of the universe. But I look forward to the day when it washes over these reprobates.

Dump the car. Buy a bike.

[pinniped]

11. If this coincided with that BS "summer driving season," we'd really be fucked.

.

[Sal Minella]

12. Not to mention we've luckily avoided both the "summer reformulation price increase" and

and the "winter reformulation price increase" -- since the coming of summer and the coming of winter both seem to take the oil companies totally by surprise every spring and every fall.

[maseman]

13. A Saudi farts and oil goes up $5 per barrel.