All Posts Tagged With: "oil alternatives"

Oil Crosses $120 Threshold

Oil surged to a new record high yesterday (Monday), as it gained $4 to trade above $120 in morning trading on the New York Mercantile Exchange. A combination of factors was cited for the rise including trouble in Iran and Nigeria, the weak U.S. dollar, and an unexpected increase in the ISM non-manufacturing survey.

U.S. light sweet crude rose to a record of $120.36 a barrel in on the NYMEX before falling back to a record close of $119.97 – up $3.65.

In Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), rebels have been targeting Royal Dutch Shell PLC…

6May2008 | Money Morning | Comments Off | Continued

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