Oil sprints towards $88 (Reuters)

By Pete Southern in Uncategorized | October 16, 2007 14:00 |

Oil sprints towards $88 (Reuters)

Traders work in the crude oil futures pit at the New York Mercantile Exchange October 15, 2007. Oil zoomed to an all-time high above $85 a barrel on Monday, propelled by robust demand from booming commodity markets and fresh geopolitical worries. U.S. stocks fell sharply on Monday with financial shares leading the retreat as new concerns about the credit squeeze emerged and oil surged to a record above $85 per barrel. (Mike Segar/Reuters)Reuters – Oil thundered towards $88 a barrel on Tuesday, hitting a new record and extending a rally that has added eight dollars in a week on tight supplies, strong demand and tension in northern Iraq.



Source: news.yahoo.com

Pete Southern About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.



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