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Oil/War/Economy
July 31, 2006

Are higher oil prices expected?

Oil War Economy

Oil gains as MidEast ceasefire hopes dashed

"Oil prices reversed their early losses on Monday to post gains as hopes of a ceasefire in the Middle East were dashed by comments from Israel’s defence minister, while a leaking Russian oil pipeline raised fears over European supply.

“We cannot agree to an immediate ceasefire in Lebanon because then we will find ourselves in a few months in a similar situation,” Israeli Defence Minister Amir Peretz said. He added: “The army will expand and deepen its actions against Hizbollah.”

Meanwhile, the Russian government reported a leak on one of its main pipelines that supplies Europe.

ICE Brent crude futures for September delivery added 53 cents to $73.91 a barrel in early morning London trade, having fallen to an intra-day low of $72.70.

September West Texas Intermediate gained 29 cents to $73.53 a barrel in electronic trading. Gold fell $1 to $634.30/$635.30 a troy ounce."

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. 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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