Rut Roh - A camel farted on an oil pipeline!
posted by
Clyde
7:07 AM
Oil jumps to new above $142 as equities wilt
Oil leapt to a new record high above $142 a barrel on Friday, extending gains after surging nearly 4 percent in the previous session, as tumbling global stock markets helped to trigger a wider commodities rally.
U.S. light crude for August delivery was $1.70 up at $141.34 a barrel by 8:12 a.m. EDT, off a record high of $142.26.
London Brent crude was $1.39 up at $141.22, off a record high of $142.13.
World stocks fell to a three-month low as a fast deteriorating global inflation picture intensified concerns over the outlook for corporate profits, hastening the rush of investors' funds into commodities.
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