Chronicles Of Depression 2.0: #121

Just because I’ve been a bit self-indulgent the past few days and have avoided Doom posts doesn’t mean there hasn’t been Doom to post.

Don’t be lulled into thinking that if I haven’t posted it, it’s not happening. It is. And it will continue to.

Oil rises more than $8 to new record high

Oil prices shot up nearly $10 to a new record above $137 a barrel Friday after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. The meteoric surge builds on a huge gain the previous day and sets the stage for the biggest two-day gain in the history of the New York Mercantile Exchange.

A further weakening of the dollar helped keep prices high by enticing overseas buyers armed with stronger currencies and other investors looking for a hedge against the greenback. Mounting tensions in the Middle East added fuel to the rally.

Light, sweet crude for July delivery jumped as high as $137.70 on the Nymex, before easing slightly to $136.45, up $8.66. Prices hit a previous record of $135.09 a barrel on May 22.

This latest surge follows a $5.49 gain Thursday, which was the biggest single-day price increase in the history of the Nymex crude contract.

Prices pushed sharply higher Friday after Morgan Stanley analyst Ole Slorer said he expected strong demand in Asia could drive prices to $150 by Independence Day, when millions of Americans are expected to take to the roads. Shipments from the Middle East are mimicking patterns seen in the third quarter last year, when Morgan Stanley based its “oil price spike” predictions on falling supplies in the Atlantic, he said.

Emphasis added by me.

Are there any doubters left for $200/barrel oil by 2009?

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Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Other, C.O.A.T. - Scams, Depression 2.0

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