Oil Reaches Record $58 a Barrel

April 4 (Bloomberg) -- Crude oil climbed to a record of more than $58 a barrel on concern that rising output from the Organization of Petroleum Exporting Countries may be inadequate to produce enough gasoline to meet a summer peak in U.S. demand.

Warning of a possible "super-spike" in oil prices above 100 dollars a barrel

Thu Mar 31, 2005
NEW YORK (AFP) - World oil prices surged on a wave of speculative buying sparked in part by a Goldman Sachs study that predicted levels of more than 100 dollars a barrel, traders said.

New York's main contract, light sweet crude for delivery in May, soared 1.41 dollar to 55.40 dollars per barrel in early deals, off a peak of 56.10 dollars.
In London, the price of Brent North Sea crude oil for delivery in May rocketed 2.20 dollars to 54.29 dollars.


"Goldman Sachs research brought up concerns about crude oil, saying that the market is headed for an abrupt upward trend because of the tightness of supply and demand," PFC Energy analyst Seth Kleinman said.
The investment bank warned of a possible "super-spike" in oil prices above 100 dollars a barrel.
"We believe oil prices have entered the early stages of a super-spike period," said analyst Arjun Murti, who raised his price range to 50-105 dollars a barrel from 50-80 dollars.