Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Oil Rises to Record After U.S. Reports Unexpected Supply Drop

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Robert Tuttle
Bloomberg
Wednesday, July 2, 2008

Crude oil futures rose to a record above $144 a barrel in New York after a U.S. government report showed an unexpected decline in inventories.

Supplies dropped 1.98 million barrels to 299.8 million last week, the lowest since January, the Energy Department said. Analysts in a Bloomberg News survey had predicted the report would show a 500,000 barrel rise in inventories. Prices also climbed as the dollar weakened.

“We dropped about 2 million barrels on crude and most everyone was looking for a slight build,” said Addison Armstrong, director of market research at TFS Energy LLC in Stamford, Connecticut. “That leaves us somewhere around 7 to 8 percent below normal on crude stocks.”

(Article continues below)

Crude oil for August delivery rose $2.60, or 1.8 percent, to settle at $143.57 a barrel at 2:55 p.m. on the New York Mercantile Exchange. Futures touched a record $144.32 after the close of floor trading and have doubled in the past year.

Brent crude for August delivery rose $3.59, or 2.6 percent, to $144.26 a barrel on London’s ICE Futures Europe exchange. Futures touched a record $144.95 a barrel.

Oil’s appeal as a hedge against inflation may rise if the European Central Bank increases interest rates tomorrow, causing the dollar to fall. The European Central Bank will lift its 4 percent benchmark main refinancing rate by a quarter-percentage point tomorrow, according to 57 of 58 economists surveyed by Bloomberg News.

Full article here.

This article was posted: Wednesday, July 2, 2008 at 2:38 pm





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
See the rest on the Alex Jones YouTube channel.

Illegals To Be Evacuated Before Citizens In Times of Crisis See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.