Friday, July 11, 2008

It's a record - now it

LONDON (Reuters) - Oil jumped over $4 to a new record high near $146 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and a strike of Brazilian oil workers next week.

NVDL: Fundamentally we are faced with global supplies depleting at around 3% per year. Additional production growth needs to offset this, but whatever gains we make are gobbled up by excess demand (from China amoung others - see article below for details on what to do about this problem).
clipped from

U.S. crude was $3.54 at $145.19 a barrel by 7:50 a.m. EDT,
off highs of $145.98, after jumping $5.60 or 4 percent a barrel
on Thursday in a late burst of buying activity.

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