I’ve noticed lately that it doesn’t take a whole lot to cause the price of oil to rise. The economy goes weak, the price of oil rises. The economy strengthens, the price of oil rises. Bush mentions attacking Iran, the price of oil rises. Bush hints at talks with Iran, the price of oil rises. A butterfly flaps it’s wings and farts in Africa, the price of oil rises.

Oil prices near $146 a barrel for 1st time ever

Oil prices neared $146 a barrel Thursday for the first time ever on reports of declining U.S. stockpiles and the threat of conflict with Iran.

Comments by Saudi Arabia’s oil minister suggesting his country had no immediate plans to boost production also lifted prices.

Expectations that the European Central Bank will raise interest rates later Thursday could further weaken the U.S. dollar and drive oil prices even higher, as investors turn to commodities as a hedge against a falling greenback, traders said.

Email this Post  | RSS 2.0  |  Trackback  |  Filed under: Economy, Oil