Logo of Phnom Penh Post newspaper Phnom Penh Post - Psychological shift pushes oil past $135

Psychological shift pushes oil past $135

Psychological shift pushes oil past $135

4-oil-graphic-[Converted].gif
4-oil-graphic-[Converted].gif

Oil prices leapfrogged to record highs above $135 on May 22 on runaway fears about strained energy supplies and fervent demand, analysts said.

Brent North Sea oil struck $135.13 a barrel and New York light sweet crude hit an all-time peak of $135.09.

Analysts said the jump reflected a shift in market psychology rather than a change in the fundamentals of supply and demand, and noted that many investors were reaping hefty returns.

OPEC chief Abdala El-Badri has said the oil cartel is unhappy with the surging prices, which he blamed on speculators and a weak US dollar.

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget