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Oil at $76 on Iraq pipeline bombing, Lebanon conflict

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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-01-06 01:17 PM
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Oil at $76 on Iraq pipeline bombing, Lebanon conflict
http://today.reuters.com/business/newsarticle.aspx?type=tnBusinessNews&storyID=nL01928791&imageid=&cap=

LONDON, Aug 1 (Reuters) - Oil climbed back to $76 on Tuesday as Israel advanced deeper into Lebanon, ignoring calls for an end to fighting, and saboteurs again attacked Iraq's northern oil export pipeline.

Violence in the Middle East, which pumps a third of the world's oil, is keeping prices within striking distance of July's $78.40 a barrel record high.


At 1710 GMT London Brent crude <LCOc1> was up $1.05 at $76.20 and U.S. crude <CLc1> was up 75 cents at $75.15.

North Sea Brent has built a rare premium to U.S. oil because European markets are more directly affected by real and feared supply disruptions in Nigeria, Russia and the Middle East.

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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-01-06 03:21 PM
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1. CNBC Chatterers say Wall St. doesn't expect it to cause inflation until
oil reaches $100. a barrel. Consumer seems to have weathered the past increases. :eyes:

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