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Wednesday, May 21, 2008

Oil soars to settle above $133

[...]

U.S. light crude for July delivery settled at $133.17 a barrel, up $4.19, on the New York Mercantile Exchange. Prior to the 10:30 a.m. ET report, oil was down 29 cents to $128.69.

Over the last four days, oil has gained more than $9 per barrel.

"There is a tremendous amount of fear and greed driving this market," said Stephen Schork, publisher of industry newsletter The Schork Report. "This is a runaway train. I don't think the fundamentals justify the runup."

Earlier Wednesday, oil prices soared past $130 a barrel for the first time amid continuing supply concerns and a weakening dollar. The contract retreated just before the government data were released.

[...]

Labels: Hey Big Oil BLOW ME

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