Oil surges to new record high near $140 a barrel

[w¡n9Nµ7 §£@¥€r 123]

Oil surged to a new record high on Monday of nearly $140 a barrel, propelled by weakness in the U.S. dollar which offset the bearish impact of plans by Saudi Arabia to boost output.

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U.S. crude set a record high of $139.89 a barrel.

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Earlier in the session prices had dropped back after United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world's biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in as many months.

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Oil has doubled in the last year and risen 40 percent since the start of this year, boosted by expectations that supply will struggle to meet demand from newly industrializing countries such as China and India.

http://biz.yahoo.com/rb/080616/markets_oil.html

[mawilson 2,133]

"speculators to saudi king - fukc you!"

[mawilson 2,133]

$140/barrel

I don't know how exactly they are doing it, but it's fukcing beautiful.

[w¡n9Nµ7 §£@¥€r 123]

[Nagishkaw 510]

[almaty 19]

wow, $140.00 a barrel..

[w¡n9Nµ7 §£@¥€r 123]

U.S. oil refiners are unlikely to buy extra oil offered by Saudi Arabia as the kingdom's prices make its crude uncompetitive with other grades, two traders with independent refiners said Monday.

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Interest in additional Saudi barrels was also muted on the West Coast, which is more closely linked to Asia-Pacific crude oil markets than the rest of the United States.

Asian refiners said Monday they were unlikely to increase their purchases of Saudi oil due to high prices.

http://uk.reuters.com/article/oilRpt/idUKN16238120080616

[almaty 19]

so, everyone is telling the saudi king to f##k off

[w¡n9Nµ7 §£@¥€r 123]

Yeah. I don't think the Saudis are feeling very loved right now.

[almaty 19]

f##k them....the bush family will always love them

[w¡n9Nµ7 §£@¥€r 123]

It's not just crude. Corn, too. This means ethanol will also be more expensive!

Corn prices have shot up 11 percent in the last week as floodwaters continue to ravage the Midwest, swallowing corn fields just before the crucial growing season. The U.S. government will report June 30 on how many acres have been lost to flooding, but a survey in Farm Futures magazine estimated that flooding could claim 3.3 million acres — or nearly 4 percent of the expected crop.