CRUDE OIL
The week of April 21, 2008 has witnessed all time high crude oil prices. At the end of the week, crude oil for May delivery settled at US$116.60 a barrel on the New York Mercantile Exchange. Mid way through the week, oil futures hit a record high near US$115 after a US government report showed an unexpected drop in reserves of crude. Crude stockpiles in the US, which had been expected to increase, fell 2.3 million barrels last week. On Friday, oil prices rose to touch US$117 for the first time after an attack on a Royal Dutch Shell PLC pipeline by the Movement for the Emancipation of the Niger Delta. A pipeline leak has been confirmed, a line has been closed for repairs, and a small quantity of production had been shut.
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