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Friday, 4 July 2008

Oil price steadied above $145 / barrel

Oil steadied above $145 a barrel on Friday as the United States heads into the Independence Day long weekend, pausing after the previous day's rally to a record near $146. US crude oil rose 13 cents to $145.42 a barrel by 0143 GMT, off an all-time high of $145.85 hit on Thursday.

The contract has risen more than 50 percent this year. London Brent gained 22 cents to $146.30, near the record $146.69 touched a day ago. Heightened tension between Israel and OPEC's second-biggest producer Iran has put oil prices on the boil over the last two weeks, helping crude smash records five times in the past seven sessions. Analysts said bullish investors have rushed into crude ahead of the Fourth of July holiday, traditionally the peak US driving period, as they do not want to be caught short should the Iran-Israel row escalates.

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Thanks to Economictimes...

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