Oil for Delivery in 5 Years Rises on supply concerns
Oil traders are paying record prices to get crude almost five years from now, reflecting increasing doubts the oil boom will go bust.
New York Mercantile Exchange futures contracts for December 2010 ended last week at $64.45 a barrel, the highest yet for that month. The price has risen 68 percent in the past year as investors speculated on further gains and refiners sought to lock in the cost of supplies. Buyers of futures contracts are guaranteed oil deliveries at a set price and agreed-upon date.
http://tinyurl.com/9mctj
New York Mercantile Exchange futures contracts for December 2010 ended last week at $64.45 a barrel, the highest yet for that month. The price has risen 68 percent in the past year as investors speculated on further gains and refiners sought to lock in the cost of supplies. Buyers of futures contracts are guaranteed oil deliveries at a set price and agreed-upon date.
http://tinyurl.com/9mctj
posted by Oil Shock at 11:29 PM
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