Crude oil jumped above $140 to a record as Libya threatened to cut output, OPEC’s president said prices may reach $170 by summer and the dollar weakened. Libya which produced 1.85 million barrels of crude oil per day last year (2.2% of global supply), may curb output because of a US law that allows terror victims to seize assets of foreign governments as compensation. Oil, gold and copper climbed as the dollar dropped because the Federal Reserve gave no signal of higher interest rates. Crude oil futures for August delivery on the New York Mercantile Exchange [NYMEX] touched $140.39 today [26 Jun 2008], surpassing the previous $139.89 record.
- Thanks Lowem for the call this morning while I am on the way to work! This is distressing as oil prices shot up from the low of US$133- US$134 to above US$140 in a single day!! Remembering my previous prediction on 3rd of June 2008 that oil prices will go above US$145 in three months time…it’s way faster then I thought!
The next prediction is another wild swing up in many large fluctuation with high sudden elasticity. Be extremely careful and identify the swings that usually happens during noon time in US Nymex Trading hours (Singapore about evening 7pm to early 2-3am)
Popularity: 1% [?]
