Oil jumps to new above $142 as equities wilt

[w¡n9Nµ7 §£@¥€r 123]

Oil leapt to a new record high above $142 a barrel on Friday, extending gains after surging nearly 4 percent in the previous session, as tumbling global stock markets helped to trigger a wider commodities rally.

...

"It has a lot to do with asset allocations. The equity markets are under serious pressure, breaking support levels. When equities are going nowhere, the money is parked into commodities," said Olivier Jakob at Petromatrix.

http://biz.yahoo.com/rb/080627/markets_oil.html

[eric&gen 0]

You think oil will reach $150 by July 4th.

[Niels Bohr 72]

It happens every summer. Doesn't people know how to scare OPEC by conserving fuel. If the masses were to scare OPEC by saying, hey, I'm reducing consumption on your oil. Maybe, they will decide to increase production to decrease the cost.