oil reservesMany of you may have seen this story already but here it is anyway.
At least the first couple of paragraphs. You can find the rest on the Yahoo! homepage in the news headlines.
Stone.
SINGAPORE (Reuters) - Oil prices were poised to scale to new 28-month highs on Thursday as U.S. fuel stocks fell to the lowest level since the 1970s Arab oil embargo, while Washington kept up efforts to build support for a war against Iraq.
U.S. light crude touched an early peak at $35.95 a barrel, the highest since October 2000, but eased back to $35.82, a gain of five cents from Wednesday's settlement in New York.
"Balancing bullish fundamentals with political factors, we'll probably see a trading range between $30 and $40 a barrel over the next month," said Gordon Kwan, oil and gas analyst at HSBC in Hong Kong.
"Even without the threat of war in Iraq, there's still upside for crude prices. Despite talk of Venezuela increasing production and more Middle East barrels, it's not feeding into the United States yet and we're still in the depths of winter," Kwan said.