Oil strikes record near $94

October 30, 2007, 12:58 pm
Filed under: Canada, canadian dollar, canadian economy, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, gas prices, gold, Great Depression, Greenback, housing market, Inflation, interest rate cuts, Kurdish, loonie, Mexico, Oil, Petrol, Turkey, US Economy, Wall Street

Oil strikes record near $94

Matthew Robinson
Reuters
October 29, 2007

Oil jumped to a record high near $94 a barrel on Monday as stormy weather disrupted supplies from giant exporter Mexico and the dollar wallowed near record lows.

Mexican state oil company Pemex has shut a fifth of the nation’s crude production and halted the bulk of exports as storms kept ships bottled at ports across the country, a top U.S. supplier.

U.S. crude settled up $1.67 at $93.53 a barrel after striking a record $93.80 earlier. London Brent settled $1.63 higher at $90.32 a barrel.

Oil prices have soared by more than a third since mid-August as a stand-off between Turkey and Kurdish rebels, dollar weakness, easing interest rates and winter supply fears have lured a fresh wave of investment capital.

“Every new bullish factor pushes U.S. crude irrationally closer to $100 barrel,” said SGCIB, adding: “Prices will fall if the FOMC does nothing.”

The U.S. Federal Reserve’s Federal Open Market Committee meets on October 30-31, and Wall Street is betting on another rate cut as the U.S. housing downturn deepens.

Expectations of a cut have helped push the dollar to record lows against a basket of currencies and boosted the price of dollar-denominated commodities.

Full article here.

Canadian Dollar Hits 47-Year High

AFP
October 29, 2007

The Canadian dollar reached on Monday a 47-year high versus the US greenback, gaining on the US currency’s recent weakness, as well as soaring demand for oil and other natural resources.

At 1500 GMT, the American dollar was worth only 95.47 Canadian dollars, while the loonie, a sobriquet given to the Canadian dollar, was being traded for 1.0474 US dollars.

According to the Bank of Canada, the loonie had last seen such heights in March 1960.

Analysts noted that all major currencies were increasing in value against the US dollar in anticipation of an interest rate cut by the US Federal Reserve on Wednesday.

Most observers expect the Fed to cut its key lending rate by 25 percentage points, bringing it in line with Canada’s rate of 4.50 percent.

As well, demand for oil, gold and other natural resources, of which Canada is a major exporter, has given the Canadian dollar a big boost of late.

Since the beginning of this year, the Canadian dollar has increased 20 percent, and jumped 69 percent since 2002, when it was trading at a historic low of 61.70 US cents.

The mystery of the missing $2.9 trillion
http://www.csmonitor.com/2007/1029/p15s01-wmgn.html

Pictures of the Housing Bubble
http://krugman.blogs.nytimes.com/2007/10/27/some-housing-pictures/

Strong loonie may lead Canadian economy to collapse
http://english.pravda.ru/business/finance/99597-2/

CFR President: $200 Oil If War With Iran
http://www.roguegovernment.com/news.php?id=4723

Dollar plumbs fresh lows as Fed cut anticipated
http://today.reuters.com/news/articlein…ETS-FOREX.xml

IMF: USD Due For Disorganized Fall
http://politicalaffairs.net/article/articleview/6086/1/291/

Gold and oil surge, seen even higher
http://business.inquirer.net/mone…cle.php?article_id=97490

Welcome To The “$1,000 Gold” Fan Club
http://ezinearticles.com/?Welcome-to-the-$1,000-Gold-Fan-Club&id=791257

Whisperings of a gold conspiracy
http://www.jamaica-gleaner.com/gleaner/20071025/cleisure/cleisure3.html

Dollar Sinks To New Low
‘Mr. Yen’ warns that dollar could plunge in 2008
Buffet Comments on Housing and the Value of the Dollar
Orders for big-ticket manufactured goods fall unexpectedly
Dollar Falls as Orders for U.S. Manufactured Goods Decline
Australian Treasurer Warns Of Global Financial “Tsunami”
Oil Hits $92 A Barrel
U.S. consumer confidence falls more than expected
How Bad Will the Next Recession Be?
Forex – US dollar hovers near all-time low vs euro on chances of Fed rate cut
Why the Dollar Will Continue to Decline
Roots of credit crisis laid at Fed’s door
Subprime-Mortgage Defaults Rose Last Month, ABX Data Suggests
Merrill Lynch reports billions in losses amidst growing signs of US recession