Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War (part 2)

Read more

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War

Read more

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

MIDDLE EAST MATTERS

Terrorist ransoms: Should governments pay up for hostages?

Read more

ENCORE!

Kristen Stewart and Juliette Binoche star in 'Clouds of Sils Maria'

Read more

WEB NEWS

India: journalist launches "Rice Bucket Challenge"

Read more

WEB NEWS

Russian aid convoy: Mission accomplished?

Read more

WEB NEWS

Actor Orlando Jones lauches 'Bullet Bucket Challenge'

Read more

IN THE PAPERS

'Macron Economics'

Read more

  • UN probe accuses Syrian regime, Islamists of ‘crimes against humanity’

    Read more

  • French unemployment rises 0.8% in July to record high

    Read more

  • France’s Hollande puts young ex-banker in top economy post

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

  • IMF’s Lagarde investigated in French corruption case

    Read more

  • American journalist held captive in Syria arrives in US

    Read more

  • In pictures: The ministers in France's new government

    Read more

  • 'Lasting' ceasefire agreed for Gaza, Abbas says

    Read more

  • Far-right ‘Russian Jihad’ fighters cross into Ukraine

    Read more

  • American 'Islamic State fighter' killed in Syria

    Read more

  • Rebels 'shoot down' UN helicopter in South Sudan

    Read more

  • Air France pilots threaten September strike

    Read more

  • WHO seeks stricter regulation for e-cigarettes

    Read more

Oil barrel hits $145, breaks new record

Latest update : 2008-07-03

Continuing its record-breaking run, a barrel of crude oil hit a record $145 high, fueling yet more fears over inflation and slower economic growth around the world.

Oil continued its record-breaking run on Friday, hitting 145 dollars a barrel for the first time after a US report added to supply worries and the US dollar weakened, analysts said.
   
Brent North Sea crude for August delivery traded at 145.00 in early Asian trade, 74 cents higher than its record close of 144.26 in London the previous day, when the contract topped 144 dollars for the first time.
   
New York's benchmark futures contract, light sweet crude for August delivery, was 81 cents higher at 144.38 from its record close of 143.57 on the New York Mercantile Exchange on Wednesday.
   
The latest surge followed a warning from Iranian Oil Minister Gholam Hossein Nozari that his country would react fiercely to any attack against it.
   
"Iran, if there were any kind of activity of any sort, is not going to be quiet and would react fiercely," he told reporters on the sidelines of the World Petroleum Congress in Madrid.
   
He said oil prices, which have been driven to record levels partly because of fears about the loss of Iran's 4.0 million barrel a day output, would rise radically if Israel or the United States launched a military strike.
   
Western powers and Iran have been engaged in long-running efforts to resolve a stalemate over Iran's nuclear enrichment programme, which the West fears could be used to make an atomic bomb.
   
Iran, the world's fourth largest oil producer, says its nuclear programme is for peaceful purposes.
   
The US Energy Information Administration said Wednesday that stockpiles of crude had fallen by 2.0 million barrels in the week to June 27.
   
Phil Flynn at Alaron Trading said oil continued to gain momentum amid worries about the global economy, the dollar and other ills.
   
The dollar slumped to a two-month low against the euro on Wednesday. A weaker dollar makes dollar-denominated commodities like oil cheaper for buyers with stronger currencies.
   
"Oil is a proxy for everything and an accurate reflection of our deep-seated fears and all of our insecurities," Flynn said.
   
"It is also a reflection of a commodity that is in tight supply and one that will still have value if the rest of the financial world comes crumbling down around us."
   
With inventories falling, OPEC secretary general Abdallah el-Badri said in an interview published Wednesday that US authorities should stop pressing the organisation's member nations to pump more crude.
   
"I want them to stop harassing OPEC countries," he told the Spanish newspaper El Pais, when asked about the US Congress allowing suits against OPEC members for conspiring to restrict supplies or drive up prices.
   
Global oil prices have doubled in the past year and have risen by 45 percent since the start of 2008, when they breached 100 dollars for the first time, triggering fears over inflation and slower economic growth.
   
Protests against the soaring prices have also broken out around the world.
 

Date created : 2008-07-03

COMMENT(S)