Will the suspect Dollar lend price support for oil and gold?
*AP, by George Jahn, March 15, 2008:
"Oil Pushes to New High Above $113
Oil prices rose to new heights Tuesday, surging to almost $114 a barrel after the U.S. dollar fell and worries mounted about the global oil supply.
A report from the International Energy Agency said Russian oil production dropped this year for the first time in a decade. Crude oil shipments along one U.S. pipeline were said to be moving below capacity. And Italy's ENI reported a 5,000 barrel per day reduction in production at one of its facilities in Nigeria.
Light, sweet crude for May delivery on the New York Mercantile Exchange rose as high as $113.66 a barrel by afternoon in Europe before backing off. That was $1.45 above the previous record set last week.
The contract closed at a record settlement price of $111.76 a barrel on Monday.
The recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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