Posted By RichC on July 3, 2008
Oil is up again nearing $146/ barrel due to declining U.S. inventories and escalating concerns over the possibilty over conflict with Iran. The Saudi’s oil minister made comments that they would not be boosting production also added to the rise in price. With continued weakness in the U.S. dollar and concern that the European Central Bank might raise interest rates later today (Thursday) also is contributing to the trading up of oil. In Europe, light, sweet crude for August delivery rose $2.28 to a record $145.85 a barrel in electronic trading on the New York Mercantile Exchange.