Oil charges through $69 toward new record

LONDON (Reuters) – U.S. oil powered toward its $70 a barrel record on Tuesday, fueled by a mix of investment fund money, strong demand in the United States and China and threats to supply from OPEC producers Nigeria, Iran and Iraq.

London Brent crude oil set a new all-time high of $69.70. U.S. WTI crude swept to $69.45, and analysts said it was only a matter of time before last August’s record fell.

“It is pretty clear that we can break $70 without too much problem,” said Deborah White, an analyst at SG CIB in Paris.

“We have been getting a massive injection (of investment fund money) in the energy markets. It is very clear from the price action that they haven’t stopped.”

Reuters