6 June 2008
Hold On To Your Hats
Posted by Joy Bischoff under: Emergency Preparation; World Economy .
Oil rises more than $8 to new record high
By ADAM SCHRECK, AP Business Writer
NEW YORK - Oil prices shot up nearly $10 to a new record above $137 a barrel Friday after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. The meteoric surge builds on a huge gain the previous day and sets the stage for the biggest two-day gain in the history of the New York Mercantile Exchange.
A further weakening of the dollar helped keep prices high by enticing overseas buyers armed with stronger currencies and other investors looking for a hedge against the greenback. Mounting tensions in the Middle East added fuel to the rally.
Light, sweet crude for July delivery jumped as high as $137.70 on the Nymex, before easing slightly to $136.45, up $8.66. Prices hit a previous record of $135.09 a barrel on May 22.
This latest surge follows a $5.49 gain Thursday, which was the biggest single-day price increase in the history of the Nymex crude contract.
7 Comments so far...
Peter Says:
6 June 2008 at 1:45 pm.
There goes the summer vacation. We’ll have to opt for something around here.
Tony Says:
6 June 2008 at 1:54 pm.
well peter you could take your family on a nice long bike ride and go camping. 
Benjamin Says:
6 June 2008 at 1:57 pm.
It’s getting crazy out there. Up another dollar but I think they suspended trading so hopefully things will calm down a little bit. Wall Street is having a meltdown.
Oil rises more than $10 to new record high
NEW YORK (AP) - Oil prices have shot up more than $10 to a new record above $138 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. Traders were also rattled by rising tensions in the Middle East.
http://www.breitbart.com/article.php?id=D914O4IO0&show_article=1
Peter Says:
6 June 2008 at 2:05 pm.
Actually that’s not a bad idea there, Tony. I’ll pass it by the wife.
Cameron Says:
6 June 2008 at 2:21 pm.
Dang, I go away for a few hours and the world goes nuts. If it hits 140 I’m going to puke.
Oil rises jump more than $10 to new record high
NEW YORK - Oil prices shot up more than $10 to a new record above $139 Friday after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.
Mac Says:
6 June 2008 at 5:11 pm.
I have relatives and a couple of buddies in the trucking business and I know for sure this will finish off at least a couple of them. I can’t figure out what we are going to do to turn this around. Then I hear Sean Hannity talk about how everything is fine and the country is in great shape. What an idiot. Sorry, I know no name calling but why is he telling an obvious lie?
Nalvy Says:
9 June 2008 at 4:07 pm.
Mac he lies because we the people of this country arent supposed to know our country is doomed to financial ruin.
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