${log.root}/lowem.log
Inflation, Investing and Everything


All | Musings | Tech | Java | Biz | Energy | Env

AddThis Feed Button
20071019 Friday October 19, 2007

Crude oil reaches record $90.02 after dollar drops against euro

bloomberg.com :

Crude oil rose to a record $90 a barrel in New York after the U.S. dollar fell against the euro, enhancing the appeal of commodities as an investment. Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy when the bank next meets Oct. 31. Interest-rate futures show a 70 percent likelihood the Fed will lower its target rate for overnight loans a quarter-percentage point to 4.5 percent.

Crude oil for November delivery reached $90.02 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest price since trading began in 1983. It was at $89.54 at 9:58 a.m. in Singapore. The contract rose $2.07, or 2.4 percent, to $89.47 yesterday, a record close. Oil futures set records the past four days on concern supplies from northern Iraq may be disrupted if Turkey takes military action against Kurdish rebel bases in the region.

- Welcome to $90 oil.

See also :

1. Oil surges to record $88.20 (17 Oct 2007)
2. Oil futures hit new record above $86 (16 Oct 2007)
3. Crude oil hits $84.35 record (15 Oct 2007
4. NYMEX oil hits $84.10 (21 Sep 2007)

(2007-10-19 10:17:27 SGT) [Energy] Permalink Comments [1]

Comments:

How much longer will the petrodollar survive? Maybe they should switch to Canadian dollars, which are now worth more than the US dollar. At least then they wouldn't have to change the name.

Posted by Doug on October 20, 2007 at 12:29 AM SGT #

Post a Comment:

Comments are closed for this entry.




Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Live spot gold price quotes chart on COMEX
4. Fuel prices seen stoking Malaysia inflation in 2008
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
7. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
8. Singapore : electricity tariffs to increase April 2008 on rising oil prices

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
8. Singapore : Inflation erodes away bank savings





archives
search
sponsored links





bookmarks

about
my profile
contact me

personal
biow
ken
wenn

sites
photo gallery
wiki

blogroll
reviewem
sgenergycrisis
theenergycollective

forums
goldclubasia.com
peakoil.com


navigation
decals

Click for Singapore, Singapore Forecast





rss feed for lowem.log

Get Firefox!

powered by
hosted by