Oil rose to $70 a barrel on Monday after Nigeria’s main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency (IEA).
Gas Fuels Factory Orders; Borders Cuts Jobs to Cut Costs; Starbucks Serves Up Free Wi-Fi; Kenya Inflation Soars 32%; Chevron to Invest $5 Billion in Africa; Staples Raises Bid for Corporate Express; Lehman Looking for Cash Infusion; Oil Slides
In the energy market Tuesday, crude for July delivery eased a bit, closing at $128.84/barrel, down $3.34. July reformulated gasoline lost 2 cents, to $3.38/gallon.
We’ve all heard the story. Most of the world’s major oil deposits have already been discovered. The low-hanging fruit has been picked. The remaining oil supplies are tough to get at – and expensive to recover.
In the energy market Monday, crude for May delivery hit a record intraday high of $117.76, before also closing at a record $117.48/barrel, up 79 cents. May reformulated gasoline dropped 1.02 cents, to $2.9791/gallon.
