Oil surges through $109!

March 11th, 2008 | Category: Stocks, Commodities

Oil prices have continued to rise nowadays, jumping to as high as $109.70 earlier in the day, and currently sitting at $109.62.

Fueling today’s charge is, once again, the weak dollar. Yesterday, the euro set yet another record high against the U.S. dollar, moving up as high as $1.5464.

Also bringing money into oil nowadays was a report from the universal Energy Agency stating that demand for oil is going to remain high,

due to growing demand in emerging markets, most notably China. Along with China, India continues to keep high demand. Both countries are going to remain large consumers as a aftereffect of the fact that they have fuel subsidies that reduce incentives for conservation.

Continue reading Oil surges through $109!

Original post by Michael Fowlkes

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