Oil prices hovered just below record highs on Wednesday as reduced exports from Iraq and looming storms in the oil-producing Gulf of Mexico kept concerns simmering over supply disruptions.
Dealers said data for U.S. fuel stockpiles due later in the day would provide direction to the market, which has hit a string of all-time peaks in the last eight trading days on fears that tightly stretched supplies had left little leeway for disruption.
U.S. light crude (CLc1: Quote, Profile, Research) climbed eight cents to $44.60 a barrel, below Tuesday's $45.04, the highest since oil futures were launched on the New York Mercantile Exchange in 1983. U.S. prices have shot up 19 percent, or $7 a barrel, since the end of June.
"The latest push higher was a bit overdone and I expect a retracement back to the $37 or $38 level unless there are any other shocks on the supply side," said David Hynes, industry analyst at ANZ Bank in Melbourne, informs Reuters.com
It has long been understood that the West has been trying to subject Russian borders to total control. We have not seen such activity even during the Cold War
The co-author of this disaster is the Dutch government, which did not find either strength or desire to save the lives of its citizens who were flying on that plane. The Dutch authorities did not demand Ukraine to comply with international aviation regulations