Oil surges towards US$47

SINGAPORE – Crude oil prices hit a new all-time high of US$46.90 (S$80.77) per barrel on Monday following uncertainty over President Hugo Chavez’s rule in Venezuela, the world’s fifth largest exporter, and continuing unrest in Iraq.

Crude futures hit a new record high of US$46.90 per barrel at 11.47am (0347 GMT) in after-hours access trade at the New York Mercantile Exchange – reaching prices over 50 per cent higher than a year ago …
… ‘I think there’s a real chance we’ll see US$47, US$48 (per barrel) this week,’ said Ali Rodriguez, the president of Petroleos de Venezuela SA, or PDVSA, the state-run oil company. ‘This market seems to be drawn like a magnet to that US$50 price. I think we’re going to make a try.’

Business Times, Singapore
http://business-times.asia1.com.sg/sub/latest/story/0,4574,125652,00.html?