Friday, June 6, 2008

Countdown to $200 Crude (8)

My last entry in series was over two weeks ago.
Oil futures surged $10.75, or 8 percent, to $138.54 a barrel on the NYMEX.

Here is what New York Times has to say:

Oil Prices Skyrocket, Taking Biggest Jump Ever

Oil prices had their biggest gains ever on Friday, jumping nearly $11 to a new record above $138 a barrel, after a senior Israeli politician raised the specter of an attack on Iran and the dollar fell sharply against the euro.

The unprecedented gains on Friday capped a second day of strong gains on energy markets, and fueled suspicions that commodities might be caught in a speculative bubble.

DOW JONES industrial index tumbled today by almost 400 points

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