Crude oil tops $145 on supply concerns
July 5, 2008 · Posted in Mining News · Comment
Oil and copper hit record highs Thursday but various commodity markets ended down on cautious trade ahead of a long weekend in the United States to mark the Fourth of July.
Crude oil on the New York Mercantile Exchange crossed the $145-a-barrel milestone on bets that a weak dollar, sliding U.S. oil inventories and tensions between Israel and Iran would combine soon to bring prices to $150.
In a rare show of outperformance, Brent crude in London, which traditionally stays a step behind the prices of crude oil on the Nymex, went above $146 a barrel. Read more
