Rus News Journal

The oil price in New York has established a new absolute record

the Price of oil of mark WTI presented on NYMEX by future contract Light, Sweet Crude Oil, on Tuesday for the first time was established on a mark above 100 dollars/ barr. As a whole the prices for oil futures have sharply grown, for one day the oil barrel in the urgent market has risen in price on the average for 4,1 dollars
the Official price of future Light, Sweet Crude Oil (March) on NYMEX on February, 19th has made 100,01 dollars/ barr., and the transaction ceiling price has reached 100,10 dollars/ barr. That became a new absolute record for the oil market and on 1 cent has beaten its previous record registered on January, 3rd.
Besides, for one session the barrel of oil WTI on NYMEX has risen in price for 4,51 dollars (+4,7 %) that became the most considerable price increase since January 1991. We will remind that on January, 22nd 1991. The rise in prices for oil for one session has made 4,93 dollars/ barr.
In the meantime on London IE Futures Europe the official price of future IPE Brent Crude has grown (April) for a day on 3 dollars of 65 cents (+3,8 %) and was established on a mark 98,56 dollars/ barr., and the transaction ceiling price has reached 98,70 dollars/ barr. Both indicators also have exceeded the previous record values established in the beginning of January.
active purchases of oil futures have been caused on February, 19th by fears of the possible termination of export of oil from Venezuela in the USA in reply to the judicial claim of American oil corporation ExxonMobile. Growth of oil quotations was promoted also by expectations of possible reduction of oil extracting in the OPEC countries. It is expected that such decision can be accepted at meeting of ministers of oil of the OPEC coming on March, 5th in Vienna.
Besides, on February, 18th in Texas there was an explosion on local NPZ throughput of an order of 700 thousand barr./ put that has led to an enterprise stop. This incident has caused a sharp rise in prices for oil products that technically in addition promoted growth of oil quotations. For example, on NYMEX on February, 19th the price of gasoline RBOB has grown on 4,4 %, and the prices under transactions have reached a new absolute record - 2,6169 dollars/ gallon.