Oil soars close to new $146 a barrel record
(Times Online) -- Oil tightened its squeeze on world economies today soaring to a new high of over $145 a barrel.
In London, the continuing threat of an attack on Iran, the world's fourth largest oil producer, sent Brent crude to $145.75 a barrel, while in Asia, oil for August delivery was trading at $144.35 - more than 30 per cent higher than prices at the end of last year.
At the same time, it has emerged in the US that fuel stockpiles are down by 2 million barrels, 800,000 barrels worse than expected, while investors are spooked that Iran could withhold oil supplies if talk of an attack by either America or Israel were to happen. Around 40 per cent of the world's tanker traffic passes through the Strait of Hormuz, and a closure could push prices significantly higher.
Go on Golman Sachs, my hero's, you've got one day left an $4 to move it - Nogger
In London, the continuing threat of an attack on Iran, the world's fourth largest oil producer, sent Brent crude to $145.75 a barrel, while in Asia, oil for August delivery was trading at $144.35 - more than 30 per cent higher than prices at the end of last year.
At the same time, it has emerged in the US that fuel stockpiles are down by 2 million barrels, 800,000 barrels worse than expected, while investors are spooked that Iran could withhold oil supplies if talk of an attack by either America or Israel were to happen. Around 40 per cent of the world's tanker traffic passes through the Strait of Hormuz, and a closure could push prices significantly higher.
Go on Golman Sachs, my hero's, you've got one day left an $4 to move it - Nogger