Has the upward trend in oil prices resumed?
Crude prices at record levels on Iran fears
"Crude oil marched higher during European trading on Tuesday amid mounting tensions over Iran’s nuclear ambitions with the US pushing for sanctions as leading nations met for talks in Moscow.
IPE Brent for June delivery hit a record $72.20 a barrel before easing back to trade 30 cents higher at $71.76 a barrel. Nymex May West Texas Intermediate broke through the post Hurricane Katrina intra-day record of $70.85 reached last autumn to reach $70.88 before profit taking dragged the price back."
"Oil analysts said a breach of the Katrina high would confirm that the upward trend for crude had resumed in full force. The May WTI contract is due for expiry on Thursday and futures prices are pointing to futher increases for crude. The June WTI contract rose 38 cents to $72.36 a barrel while the September 2006 WTOI contract hit $74 a barrel."