Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Wednesday, March 05, 2008

We Have Ignition

The path to $112 oil seems clearer today ...

Here's the news ...

Oil tops $104 for the first time

In its weekly report, the Energy Information Administration said crude stocks fell by 3.1 million barrels last week. Analysts were looking for a rise of 2.3 million barrels, according to a Dow Jones poll.

OPEC will 'support' Venezuela in Exxon Mobil row

OPEC members have pledged their support to Venezuela in its dispute with US oil giant Exxon Mobil, at today's production meeting in Vienna.

Pemex to boost output in declining Cantarell field

Average output at Mexico's Cantarell oil field will decline by as much as 20% this year as the field matures, a Petroleos Mexicanos executive reported.

Labels: ,

Check out my new gold and energy blog at