Oil Prices Near Record Highs at $77

Oil prices are near a record high, hovering around $77 per barrel.

Oil prices are raising is recent trading after OPEC said that they were little chance of them raising their oil output, despite the USA hoping they would raise oil production.

Oil prices hit an all time high of $78.77 on Wednesday, however oil retreated after news of increased oil refinery operations in the USA.

“People are concerned about overall crude and product stocks globally, as demand’s still strong. Plus there are funds buying, keeping prices bullish,” said Gerard Rigby, an analyst from Fuel First Consulting in Sydney.

Do you think oil prices will continue to rise?

If so how high are oil prices going?

If oil prices get too high, then surely other energy forms will get consideration such as solar power, tidal and wave power, wind energy and nuclear power.

What do you think?

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