Oil Trading Hits Record Levels

[sabra]

Source: WSJ

NEW YORK—Trading volumes in oil-futures contracts rose to the highest level on record Friday, spurred by unrest in Egypt that could threaten key oil shipments.

A record 1,472,088 contracts changed hands for light, sweet crude-oil futures on the New York Mercantile Exchange, surpassing the previous record of 1,423,536 contracts set in April 2010. On the ICE Futures Exchange, the comparable contract for West Texas Intermediate futures reached a record 496,165 contracts, surpassing its April 2010 high.

On Monday, Brent crude prices hit $100 a barrel for the first time in more than two years amid the tensions in the Middle East.

The records came amid a turnaround rally in crude Friday, with oil futures surging 4.3% to $89.34 a barrel after antigovernment protests intensified in Egypt and investors worried that unrest across the Middle East in recent weeks could spread to major oil-producing states. Egypt isn't an important oil exporter, but the Sumed pipeline and the Suez Canal, which run through Egypt and together send more than two million barrels of oil a day to Europe and other markets, are chokepoints in the global crude-oil supply chain.

Read more: http://online.wsj.com/article/SB10001424052748703439504576116082222214672.html

[Hydra]

1. Oh, boy...

Here it comes...I wish I had a fry-oil car...

[Roland99]

2. Gone from $86 to $92 in a couple of days.

[Marblehead]

3. $200

here we come, thanks for nothing

[lfairban]

4. So, what is gas getting up to a gallon?

Maybe people should find another way to get around.