Crude Oil Rises as U.S. Dollar Weakens, Israel Conducts Drill |
| Bloomberg - Jun 20, 2008 |
Crude oil rose as the weaker dollar enhanced the appeal of commodities as a currency hedge and the New York Times reported that Israel held a rehearsal for a potential bombing attack on nuclear targets in Iran.
Oil futures have nearly doubled over the past year as investors sought refuge from a declining dollar. Traders have pared bets for a Federal Reserve rate increase on June 25. Iran, OPEC's second-biggest oil producer, would respond to an Israeli attack with a ``heavy blow,'' a senior cleric said.
``The only way to increase the value of the dollar is by increasing interest rates, which doesn't look likely at the meeting on the 25th,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``The simulated attack of Iran by Israeli warplanes is certainly not going to reduce geopolitical tensions.''
Read Full Article from Bloomberg
- Posted: 2008-06-20 09:34:40
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