Oil inches near record high

LONDON (Reuters) — U.S. oil climbed above $77 a barrel Wednesday, rising toward its all-time high, on forecasts for another weekly decline in crude stocks in top consumer the United States and a recovery in world share markets.

U.S. crude was up 50 cents at $77.33 a barrel in electronic trading after hitting $77.43, the highest mark since Aug. 8, 2006. London Brent crude was up 58 cents at $76.32.


Stocks around the world bounced back sharply Tuesday as volatile credit markets stabilized.

Olivier Jakob, energy analyst at Swiss-based Petromatrix, said this pointed to a “more supportive global environment” for energy.

OPEC, which pumps more than a third of the world’s crude oil, agreed at two meetings late in 2006 to cut supplies by a total 1.7 million barrels per day. Ministers meet again Sept. 11. Some have said they see no reason to change policy.

Reuters