Crude Oil Prices set a New High

Crude Oil Company
Oil costs climbed to a record settlement price on Tuesday as dealers anticipated the administration inventory to confirm tight supplies.

The worries of a supply limit also disregarded OPEC’s resolution to increase output.

Market analysts were of the opinion that even after OPEC decision to boost up oil fabrication by 500,000 barrels per day starting November 1, supplies get stretched.

The capitalists had already priced in OPEC’s increase, and many were in quest of a larger production increase.

For next month delivery, light, sweet crude moved up 74 cents to USD 78.23 per barrel on the New York Mercantile Exchange (NYMEX). The settlement price exceeded the preceding record, set July 31, by 2 cents.

Oil’s increase attracted October gasoline 0.25 cents, higher to USD 1.9811 a gallon after the pact spent much of the day in the pessimistic zone.

In other NYMEX dealing, heating oil futures arose 1.11 cents to USD 2.1827 per gallon, and next month natural gas appended 4.3 cents to USD 5.934 per 1,000 cubic feet.

In London, October Brent crude climbed 90 cents to USD 76.38 per barrel on the ICE Futures exchange.