Oil Rises to Record Above $144

Crude oil rose to a record above $144 a barrel in New York as the European Central Bank is poised to increase interest rates and U.S. stockpiles unexpectedly fell to their lowest since January. This is all a load of bullshit...on one side we have OPEC saying there is sufficient crude on the market and that these high prices are due to speculation...then we have everyone involved in the energy industry SPECULATING and forcing crude prices up and filling their pockets!!!
One small detail....OPEC is also involved in SPECULATION .... very much involved!!!
Economists are forecasting the ECB will raise its 4 percent benchmark rate by a quarter percentage point today, weakening the dollar and spurring commodity buying as an inflation hedge. Investors are purchasing oil, which has doubled this past year, as U.S. equities slump, with the Standard & Poor's 500 Indeex falling yesterday to its lowest level in two years.
In this market, breaking the $145 level will be important and all speculators see crude reaching $150 within two days..

The current market is being driven by the weaker dollar and with the equity markets a disaster, investment money is looking for a more- profitable market.
Crude oil for August delivery climbed as much as $1, or 0.7 percent, to $144.57 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It was at $144.45 at 3:07 p.m. in Singapore.
Surging oil prices are starting to slow growth in some emerging economies. The Philippine central bank said inflation will probably accelerate to 10 percent or higher this year. Economists are forecasting Indonesia will raise interest rates after prices gained 11 percent last month.
U.S. oil suppliees dropped 1.98 million barrels to 299.8 million last week, the Energy Department said yesterday. Analysts assumed a gain of 500,000 barrels.