Oil Hits Record; European markets dropping: Interesting day on Wall Street ahead

via Yahoo! finance:



FTSE 100 5,341.80 -65.00 -1.20%

DAX 6,180.89 -124.11 -1.97%

CAC 40 4,134.26 -97.30 -2.30%

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Oil hits new record as supply fears intensify
Friday July 11, 8:13 am ET
By Santosh Menon


LONDON (Reuters) - Oil jumped over $4 to a new record high near $146 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and a strike of Brazilian oil workers next week.

U.S. crude was $3.54 at $145.19 a barrel by 7:50 a.m. EDT, off highs of $145.98, after jumping $5.60 or 4 percent a barrel on Thursday in a late burst of buying activity.

London Brent crude was up $3.64 at $145.67 a barrel.

Leading the oil complex was ICE gas oil futures which climbed to a new record high of $1,335 a tonne amid strong demand for diesel and aviation fuel.

Analysts said the threat of supply disruptions provided the bullish backdrop, as the demand picture was unlikely to change much until after the Beijing Olympics.

Oil, which had been on the retreat for much of the week, reversed course on Thursday as fears of supply disruptions from potential hot-spots, OPEC members Iran and Nigeria, resurfaced.

A spate of missile tests by Iran, the world's fourth-largest oil exporter, in the last two days against a backdrop of rising tensions with Israel and the United States has left the oil markets worried. .......(more)

The complete piece is at: http://biz.yahoo.com/rb/080711/markets_oil.html

Those, globalization, supply-side, free trade, neoliberal economic policies are really working well. What else can they destroy?