Tuesday, June 30, 2009

Oil hits $73 again

SHOOT: This is due to dollar weakness rather than fundamental demand or supply changes. Right now the Rand is at R7.79 to the dollar.
clipped from news.yahoo.com
Iraq oil bidding process delayed by one day

SINGAPORE – Oil prices jumped above $73 a barrel Tuesday in Asia as a weakening U.S. dollar and attacks on oil installations in Nigeria helped push prices to eight-month highs.

Benchmark crude for August delivery was up $1.05 to $72.54 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange after trading as high as $73.38. On Monday, it gained $2.33 to settle at $71.49.

Oil has surged from below $35 in March in part on investor concern that massive U.S. fiscal stimulus spending will eventually spark high inflation. Investors often buy commodities such as crude as a hedge against a weakening dollar and inflation.

 blog it

No comments: