JULY 12 SATURDAY
Oil, Gasoline, Rise to Records on Middle East
Violence Concern .
Crude oil and gasoline rose to records on growing concern
about violence in the Middle East and supply
disruptions from Brazil to Nigeria.
Oil jumped as high as $147.27 a barrel in New York
after the Jerusalem Post said Israeli war planes
practiced over Iraq. Israeli government
spokesman Mark Regev denied the report.
A Brazilian oil workers union is planning a
five-day strike. Prices have jumped more than
$10 a barrel since July 9.
Crude oil for August delivery rose $3.43 or 2.4 percent,
to settle at $145.08 a barrel at 2:50 p.m. on the New York
Mercantile Exchange. Futures, which fell 21 cents this week,
have doubled over the past year.
The gain in prices has triggered computer-generated
buying programs. Futures tumbled 6.4 percent on
July 7 and 8, the biggest two-session decline since March.
No comments:
Post a Comment