Oil at $60 a Barrel
The price of oil is still worrying investors and airlines worldwide with the price of barrel touching $60USD on Friday. The latest major airline to announce a ticket price rise is the UK carrier British Airways. The Guardian newspaper reported that the airline will rise their long haul flights fuel surcharge from 16 pounds to 24 pounds.
Hybrid cars are looking more enticing by the day.
Oil touches $60, U.S. demand steams ahead
"Rapidly rising consumption in the United States, the world's biggest consumer, threatens to strain oil supplies and refining capacity when demand peaks this winter.
The potential for a fourth quarter supply crunch has prompted hedge funds and speculators to bet on a push to new records, traders said.
'The big message this week was that demand is still staying strong in the face of high oil prices,' said Tony Nunan, manager at Mitsubishi Corp.'s international petroleum business in Tokyo."
reuters
Hybrid cars are looking more enticing by the day.
Oil touches $60, U.S. demand steams ahead
"Rapidly rising consumption in the United States, the world's biggest consumer, threatens to strain oil supplies and refining capacity when demand peaks this winter.
The potential for a fourth quarter supply crunch has prompted hedge funds and speculators to bet on a push to new records, traders said.
'The big message this week was that demand is still staying strong in the face of high oil prices,' said Tony Nunan, manager at Mitsubishi Corp.'s international petroleum business in Tokyo."
reuters
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