Oil prices break new ground

Fears of short supply in the largest oil-producing nations and a weak dollar sent crude oil prices above the $147-per-barrel mark.
JUL 11, 2008
Fears of short supply in several of the world’s largest oil-producing nations and a weak dollar sent crude oil prices into record territory, breaking the $147-per-barrel mark. The contract for light, sweet crude oil for August delivery rose $5.62 to a record of $147.27 in morning trading on the New York Mercantile Exchange, trouncing the previous record of $145.85, which was set July 3. Crude oil was up $4.75 to $146.40 at 10:46 ET. The price increase was attributed to concerns that Israel may be preparing to attack Iran, a potential strike by Brazil's oil workers’ confederation, Federação Única dos Petroleiros in Rio de Janeiro, and concern that renewed militant activity in Nigeria will force that country to pare down supplies. The euro rose $0.0131 on the dollar to $1.5913 in morning trading. The increase comes one day after the crude-oil contract shot up $5.60, to settle at $141.65 per barrel in the largest one-day increase since June 6. The recent increases wiped out steep declines this week, which sent the crude-oil contract down $9.81 to $136.04 in Monday and Tuesday trading.

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