NEW! Investment Companies Centre

Oil hits $146 a barrel before US holiday

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Thursday 03 Jul 2008

LONDON (ShareCast) - Oil hit a record above $146 as investors, seeking alternatives to shares, rushed to invest in crude ahead of the long weekend in the US as it celebrates Independence Day on July 4.

Speculation grew that the price would rise above $150 a barrel amid a backdrop of a weaker US dollar, lower US stocks and increased Israel-Iran tensions.

The ECB raised interest rates today, weakening the dollar against the euro and increasing the attraction of oil as an investment.Brent North Sea oil for August hit a peak of $146.69.

Last month the investment bank Morgan Stanley said oil could breach $150 a barrel before July 4.

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).