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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-06-08 05:07 AM
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3.  Oil hits record $120.93 a barrel on supply woes
SINGAPORE - Oil futures rose to an all-time high near $121 a barrel Tuesday in Asia, fueled by worries about threats to supply and a weakening of the U.S. dollar.

The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.

Light, sweet crude for June delivery rose to a record $120.93 a barrel in electronic trading on the New York Mercantile Exchange on Tuesday. The contract later retreated to $120.24 a barrel, up 27 cents from Monday's close.

Crude futures settled on Monday at $119.97 a barrel, up $3.65 from Friday's close.


Amid the occasional threats to crude supplies, global demand for oil continues to grow. While demand for oil and gasoline has been soft in the U.S., the Chinese and Indian economies are growing by double digits, boosting global demand for oil.
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  -STOCK MARKET WATCH, Tuesday May 6 ozymandius  May-06-08 05:02 AM   #0 
  - Market WrapUp: In Who's Best Interest?  ozymandius   May-06-08 05:04 AM   #1 
  - Not to slam an entire gender here, but  TalkingDog   May-06-08 07:40 AM   #21 
     - ". . . a vague and growing sense of despair."  Tansy_Gold   May-06-08 08:17 AM   #22 
     - Would a potential job have healthcare benefits?  DemReadingDU   May-06-08 08:22 AM   #23 
     - Morning Marketeers.....  AnneD   May-06-08 08:37 AM   #24 
     - In tangentially related trivia...  MilesColtrane   May-06-08 09:05 AM   #35 
     - I think you nailed it  Warpy   May-06-08 11:43 AM   #42 
     - the "feminine" takes in a broader view  kineneb   May-06-08 01:01 PM   #45 
        - ::sigh:: Dinner conversation tonight  Tansy_Gold   May-06-08 09:57 PM   #49 
  - No goobermental reports today n/t  ozymandius   May-06-08 05:05 AM   #2 
  - Oil hits record $120.93 a barrel on supply woes  ozymandius   May-06-08 05:07 AM   #3 
  - My two pennies.  ozymandius   May-06-08 05:10 AM   #4 
  - $5 gas near, 78% of Americans say  ozymandius   May-06-08 05:12 AM   #5 
  - Indonesia considers quitting OPEC  ozymandius   May-06-08 05:19 AM   #8 
  - An in-depth approach to drilling  AnneD   May-06-08 08:48 AM   #26 
  - Crude rises over $1 to hit new record $121.49 a barrel  UpInArms   May-06-08 08:54 AM   #28 
  - I was pounding my clothes on the rocks.....  AnneD   May-06-08 01:01 PM   #44 
     - Delivery truck driver at local market today said he had  Tansy_Gold   May-06-08 10:02 PM   #50 
  - Swiss bank UBS reports 1Q net loss of $11 billion  ozymandius   May-06-08 05:14 AM   #6 
  - i thought the swiss were smarter than us.  snot   May-06-08 05:20 AM   #9 
  - Greed looks to be the operative defect here.  ozymandius   May-06-08 05:45 AM   #11 
  - Like I said...  AnneD   May-06-08 08:43 AM   #25 
     - Here's the info. It was Deutsche Bank though.  ozymandius   May-06-08 09:57 AM   #40 
  - All those people with secret Swiss bank accounts  DemReadingDU   May-06-08 06:19 AM   #13 
  - UBS axes 5,500 jobs as it sells down subprime  UpInArms   May-06-08 07:08 AM   #16 
  - Will Phil Gramm lose his job? Uh, no, probably not. n/t  antigop   May-06-08 08:55 AM   #29 
  - Federal Reserve reports tighter bank lending standards  ozymandius   May-06-08 05:17 AM   #7 
  - Wall Street seen flat; techs, consumer sector in focus  ozymandius   May-06-08 05:22 AM   #10 
  - Bye for now Marketeers.  ozymandius   May-06-08 05:48 AM   #12 
  - GMAC Buys Time for ResCap Unit as Threat of Bankruptcy Looms  DemReadingDU   May-06-08 06:20 AM   #14 
  - dollar watch  UpInArms   May-06-08 07:00 AM   #15 
  - D.R. Horton (homebuilder) swings to $1.31 billion 2Q loss on impairment charges  UpInArms   May-06-08 07:10 AM   #17 
  - Fannie Mae loses $2.2B in 1Q; warns of "severe weakness"  UpInArms   May-06-08 07:32 AM   #18 
  - Fannie and Freddie 60-to-1 leverage could drive $1 trillion bailout  Robbien   May-06-08 08:56 AM   #30 
  - Do our DU Stock Market Watch sages think this has implications Ginnie Mae?  enough   May-06-08 12:10 PM   #43 
  - Merrill faces gov't requests on auction-rate debt  UpInArms   May-06-08 07:35 AM   #19 
  - Roubini: The Fed is Getting Desperate in Dealing with a Liquidity Crunch  DemReadingDU   May-06-08 07:36 AM   #20 
  - liquidity crunch = Titanic, Fed=tea cup  kineneb   May-06-08 01:04 PM   #46 
  - Marvel sees strength beyond Iron Man  AnneD   May-06-08 08:51 AM   #27 
  - Wachovia nearly doubles 1st-qtr loss  UpInArms   May-06-08 08:57 AM   #31 
  - Food costs likely to boost obesity in poor  AnneD   May-06-08 09:01 AM   #32 
  - And so to today's theme: Them belly full, but they hungry.  TalkingDog   May-06-08 01:11 PM   #47 
  - Buffet vs. the Black Swan  antigop   May-06-08 09:01 AM   #33 
  - 10:00 EST numbers and check out the CRUDE blather ($129.93 bbl!!!!)  UpInArms   May-06-08 09:03 AM   #34 
  - Ummm, why -what's the excuse, er, reason this time? Gotta get their mitts on the  54anickel   May-06-08 09:15 AM   #37 
  - I'm really looking forward to driving 700 miles each way tonight.  Dr.Phool   May-06-08 09:18 AM   #38 
  - ~10:41 EST: Pretty volatile start.... But, oil is up .... so Yippie!  Prag   May-06-08 09:44 AM   #39 
     - But I thought the  burf   May-06-08 10:40 AM   #41 
  - Buffett bets on developed markets  antigop   May-06-08 09:07 AM   #36 
  - End of the day reportage. Squealing and buying despite the boogery news.  ozymandius   May-06-08 04:53 PM   #48 

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