11/07/2008
Crude Oil Rises to Record
SPECULATION once more showing its ugly head and forcing crude oil to rise more than $5 to a record on concerns that Israel may be preparing to attack Iran, while a strike in Brazil and renewed militant activity in Nigeria threaten to cut supplies.
Oil rallied to a record high of $147.27 a barrel in New York after the Jerusalem Post said Israeli war planes practiced over Iraq, adding to speculation the country is preparing to attack Iran. A Brazilian union said it plans a five-day strike on platforms that pump 80 percent of the country's crude and Nigerian militants pledged to renew attacks on oil facilities.
We are now in uncharted territory here with the Iranian situation, Iran is showing its completly crazy following this path and this is causing that people are just too scared to sell.
Crude oil for August delivery rose as much as $5.25, or 3.7 percent, to an all-time high of $147.27 a barrel on the New York Mercantile Exchange...
Israeli war planes are conducting maneuvers in Iraqi airspace and using U.S. airbases in the country, possibly practicing for a strike against Iran, the newspaper reported, citing comments by Iraqi officials in local media. Israeli government spokesman Mark Regev denied the report.
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