Considering sky rocketing oil prices and record profits, Congress grilled oil executives yesterday from the world’s largest oil producers. The fat cats say they can’t do anything about it.
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Oil prices rose above the $130 a barrel mark for the first time today. U.S. crude for July delivery traded as high as $130.25 a barrel in electronic trading.
The new excuse – supply and demand concerns.
“We’ve seen an about-face turn on the dollar in the last couple of days,” said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne.
“It looked like it was starting to recover, but I think there’s a less certain outlook at the minute and … enough reason to be buying commodities as a currency hedge again.”
Investors forecast commodities such as oil to be less expensive to buyers dealing in other currencies, because of a weak U.S. dollar.
Tuesday’s high was the 10th time in the last 12 sessions that crude prices have hit trading or closing records, or both.