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Oil Gushes to Record $105.96

Posted Mar 6, 08 8:32 AM CST in Business    Most Covered

(Newser) – An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest level its reached since the euro was introduced in 1999.

“The market is still focused on the weakness of the dollar,” said one analyst. "It's going to take more signs of demand destruction around the world before oil stops gaining on the dollar.'' Oil supplies in the US are at record levels, and analysts had expected more good news for the eighth straight week in the form of a 2.4 million barrel increase. Instead, the Energy Department said supplies dropped 3.06 million barrels.

Sources Bloomberg, Associated Press

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This undated handout photo provided by Dominion Resources Services, Inc. shows a rig drilling for natural gas in the Sonora Field of West Texas. The field is part of the properties in the Permian Basin...   (Associated Press)
Men work through a dust storm Tuesday, March 4, 2008, on a new oil well being drilled in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers...   (Associated Press)
High gas prices posted at a Shell gas station in Redwood City, Calif., Wednesday, March 5, 2008. Oil surged Wednesday, rising a remarkable $5 a barrel to a new record over $104 a barrel after the government...   (Associated Press)
The price of a barrel of crude oil soared to a record $105.96.   (Getty Images)
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oil price  • oil  • crude oil  • OPEC  • euro  • weak dollar  • $100 a barrel oil


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