What’s up with oil? (Besides the price …)! Oil Price Rise Effects?

If you’ve picked yourself up off the floor or parked the car for the day (maybe weekend), take time to read some other perspectives on the oil frenzy:

Oil smashes to record above $139 a barrel: Oil roared to a new record on Friday as hedge funds that had bet on a decline in crude prices were forced to exit their short positions. … The rally was also supported by comments from Israel’s transport minister suggesting an attack on Iran’s atomic facilities looked “unavoidable” given the failure of sanctions to curb Tehran’s nuclear ambitions. …

Technical analysis for crude oil – 6/6/2008: I believe that on the short term prices will keep inclining due to the weakness of the dollar if it remains to depreciate but on the longer run prices will have to start falling again due to global slowdown since demand is currently crippled or until economies pick up on growth.

Consumer anger as oil prices soar: Consumers are protesting around the world as oil prices continue rising, with US oil topping $139 a barrel after its biggest-ever one-day increase. The rises come after many goverments were forced to cut fuel subsidies and follow a report on Friday by Morgan Stanley, the US financial services firm, that crude could hit $150 a barrel by July 4. …

U.S. has few options as oil nations tighten grip: Resource nationalism in oil producing countries is cordoning off valuable supplies and the United States has precious few options to battle the trend amid a looming supply crunch. …

Act now to prick the oil price bubble: Bubbles come to an end eventually but there is no guarantee that this will happen soon. The global economy is likely to be forced into a serious crisis if we do not explore the possibility that this is a bubble that needs to be burst quickly. The market can then resume its trend, depending on whatever the fundamentals dictate. …

Why oil prices will tank: High-flying tech stocks crashed. The roaring housing market crumbled. And oil, rest assured, will follow the same path down. …

The oil shock of 2008: Time to reassess the potential for recent oil price increases to contribute to an economic downturn. …

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