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Crude prices hit $75.70 as traders fear that the risk of inflation could affect energy demand.
July 7 2006
NEW YORK -- Oil prices hit a fresh intraday record high Friday morning, on the heels of a run of record highs earlier in the week.
Traders were waiting for U.S. jobs data later Friday, concerned that the risk of inflation could affect energy demand.
At 7:53 a.m. ET, light, sweet crude was up by 40 cents to $75.54 a barrel, after briefly touching $75.70. The previous record of $75.40 was struck Wednesday after the Energy Information Administration's weekly stockpile report.
The government's report showed U.S. gasoline demand increased 1.4 percent over the four weeks to June 30 from a year earlier. The number of drivers was forecast to have risen to a record during the Independence Day holiday.
Support also came from lingering concerns over supplies from key oil exporter Iran amid its nuclear row with the West, and a partial loss of Nigerian oil output.
In eighth-ranked exporter Nigeria, where some oil production has already been lost due to militant attacks, gunmen abducted a Dutch man who was working on an unfinished Shell plant.
Iran, the world's fourth largest exporter, failed to reply on Thursday to major powers' proposals aimed at defusing the dispute over its nuclear program.
Ali Larijani, secretary of Iran's Supreme National Security Council, told reporters he would give a preliminary response next week.
Traders said risks of inflation, which could dampen global oil demand, also had to be kept in mind. Strong private sector jobs data on Wednesday led economists to revise up their forecasts for Friday's job figures.
That in turn boosted speculation that the United States could continue its two-year monetary tightening cycle and lift rates from 5.25 percent next month.
-- From staff and wire reports
July 7 2006
NEW YORK -- Oil prices hit a fresh intraday record high Friday morning, on the heels of a run of record highs earlier in the week.
Traders were waiting for U.S. jobs data later Friday, concerned that the risk of inflation could affect energy demand.
At 7:53 a.m. ET, light, sweet crude was up by 40 cents to $75.54 a barrel, after briefly touching $75.70. The previous record of $75.40 was struck Wednesday after the Energy Information Administration's weekly stockpile report.
The government's report showed U.S. gasoline demand increased 1.4 percent over the four weeks to June 30 from a year earlier. The number of drivers was forecast to have risen to a record during the Independence Day holiday.
Support also came from lingering concerns over supplies from key oil exporter Iran amid its nuclear row with the West, and a partial loss of Nigerian oil output.
In eighth-ranked exporter Nigeria, where some oil production has already been lost due to militant attacks, gunmen abducted a Dutch man who was working on an unfinished Shell plant.
Iran, the world's fourth largest exporter, failed to reply on Thursday to major powers' proposals aimed at defusing the dispute over its nuclear program.
Ali Larijani, secretary of Iran's Supreme National Security Council, told reporters he would give a preliminary response next week.
Traders said risks of inflation, which could dampen global oil demand, also had to be kept in mind. Strong private sector jobs data on Wednesday led economists to revise up their forecasts for Friday's job figures.
That in turn boosted speculation that the United States could continue its two-year monetary tightening cycle and lift rates from 5.25 percent next month.
-- From staff and wire reports