Oil hits record over $111 a barrel as dollar slumps

[lligrd]

Source: Reuters

TOKYO (Reuters) - Oil jumped to a record above $111 a barrel on Monday, as a surprise weekend cut in the Federal Reserve discount rate and the fire sale of stricken U.S. investment bank Bear Stearns (BSC.N) sent the dollar to all-time lows.

Crude for April delivery was up 95 cents at $111.16 a barrel by 10:35 p.m. EDT, after hitting $111.42 earlier. May London Brent crude was 55 cents higher at $106.75 a barrel.

"The recent oil prices have been swayed by the currency moves, including this latest rally to a record," said Tony Nunan, risk management executive at Tokyo-based Mitsubishi. "The dollar weakness is the factor at the moment."

The dollar tumbled below 96 yen on Monday to a 13-year low, while the euro surged more than 1 percent to a record above $1.59 after JPMorgan Chase (JPM.N) said it would acquire Bear Stearns for a fraction of its book value.



Read more: http://news.yahoo.com/s/nm/markets_oil_dc;_ylt=ArWejrt8w_Ujoqb_fV7cEz6s0NUE

[bluestateguy]

1. But I want to talk about Rev. Wright!!! Waaaaaahhhhh!!!

nt

[lligrd]

4. Still Plenty Of That In GDP

I think it will continue until Internet Providers go under. lol

[marmar]

2. The Pyramid Scheme is over.....

The fake economy has been exposed.

[lligrd]

3. It Was Bound To Happen Sooner Or Later nt

[truthisfreedom]

7. make that Ponzi

[napoleon_in_rags]

5. I bet on a peak at $150.

Which will be enough to create havoc, but the $200 a barrel point won't be reached anytime soon.

[freedomnorth]

11. Could be $200 before end of the year. Peak is here. n/t.

[napoleon_in_rags]

12. You may be right, I just see a tipping point in prices coming.

If you think of all the steps in transport efficiency...Alone in SUV. Alone in car. carpooling. Bussing. Biking. Walking. There's a certain golden gas price where Americans will see the value of changing their wicked ways in large numbers, and that will drop demand a great deal. My money is on $150-160 as being the point, though you may be totally right, especially if some external factor comes in like a switch to euros as the currency, which could make things haywire.

[sarcasmo]

15. My Math, $150 makes $5.50 a gallon correct? No more Hummers and No more Tahoe's

That is about where it needs to be for there to be changed.

[DFW]

6. Monday morning:

Gold has jumped over $1020, and the Swiss franc, for the first
time in history is worth over a dollar.

The next time I'm in Zürich, I expect to see Americans with tin
cups on the Bahnhofstrasse, begging for scraps of chocolate.

Worst case scenario people didn't even see it going this far as
little as six months ago.

[Bigmack]

8. Oil is down....

to $107.09 at 7:45 am PDT.

Anybody know why?

Is oil going back down to $27 - like when Dumbya took over?

Can I buy matching Hummers for my wife and I?

[Vinca]

9. I heard on the local radio talk show this morning that a program

created by a couple of citizens to help raise money for heating oil for people is out of funds. They've provided thousands and thousands of dollars worth of heating oil to people who have no money to heat their homes. Now the people who usually donate are pinched, too. It's frightening to think of people dying from lack of heat in this country, but I'm sure it happens every day.

[BigDogDistrict44]

10. As condoms fly off the shelf

America's next question...Who is getting F*@&ed more! The Military or the Citizens?

[Supersedeas]

13. Peppy Perino will not comment on the dollar -- speak to Treasury about $/oil connection

[sarcasmo]

14. This is huge, the higher oil goes the higher everything else goes.

INFALTION! It's to late for me to Rec this but giving it a swift kick to the top.