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Oil Hits $143, Gold $930, Euro $1.57

Oil Near $143

AP
June 27, 2008

Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.

Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.

Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

The latest record came as the dollar fell against the euro in afternoon trading, having traded roughly unchanged for much of the day.

“The dollar was slightly stronger, and when it gave up its gains, that gave oil the green light,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

The market now believes the Federal Reserve is unlikely to raise interest rates in the near future; since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will keep turning to commodities including oil as a hedge against inflation.

“Oil’s back in favor, especially with people bailing out of the stock market,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.

The stock market’s recent swoon is also sending investors in search of higher-yielding investments. On Thursday, the Dow Jones industrial average fell nearly 360 points, and in afternoon trading Friday was down more than 100 points.

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OPEC chief sees oil at $150-170 in coming months

Reuters
June 27, 2008

Crude oil prices could rise to as high as $170 per barrel in the coming months but are unlikely to hit $200 and should ease towards the end of the year, OPEC President Chakib Khelil said in an interview on Thursday.

“I forecast prices probably between $150-170 during this summer. That will perhaps ease towards the end of the year,” he told France 24 television, according to a text of the interview released by the station.

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Gold Futures Rise as Oil Surges, Dollar Falls

IBT Times
June 27, 2008

Gold futures rose above $930 an ounce on Friday to the highest price in a month as crude oil hit a record high and the U.S. dollar continued to weaken, boosting the investment appeal of the precious metal as a hedge against inflation.

Gold for August delivery rallied $16.20 to end at $931.30 an ounce on the Comex division on the New York Mercantile Exchange. The yellow metal hit an intra-day high of $933 an ounce, the highest for a most-active contract since May 27.

The precious metal posted a weekly gain of $27.60, or 3.1 percent from last Friday’s closing level of $903.70.

Gold is likely to regain $1,000 an ounce by the end of 2008 and work higher through 2009-2010, said John Hill, an analyst at Citigroup, in a research note.

Also on the Nymex, Silver futures for September delivery rose 49 cents, or 2.8 percent, to $17.71 an ounce. The metal climbed 1.8 percent this week and is up 19 percent this year.

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Homelessness Brought To Middle Class
http://www.guardian.co.uk/world/2008/jun/25/usa.subprimecrisis

Stocks Mostly Lower Again
http://biz.yahoo.com/ap/080627/wall_street.html?printer=1

The Shrinking Influence of the US Federal Reserve
http://www.spiegel.de/international/world/0,1518,562291,00.html

Money being pulled out of NYC banks: High demand for wire transfers
http://www.waynemadsenreport.com/articles/20080624

Dow Tumbles 360 Points
http://news.yahoo.com/s/ap/200..p7tkyjYvSV08ZQAF3YkzSNv24cA

U.S. Economic Collapse News Archive

 


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