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Oil Plummets after rising to all-Time High near $112
Associated Press
Published in The Saudi Gazette on 18 - 03 - 2008

Oil prices jumped to an all-time trading high near $112 a barrel Monday before tumbling, as traders weighed whether to seek further shelter in the crude market amid worsening US economic turmoil. Gasoline and other oil products also plummeted.
Investors fled the dollar after a surprise move by the US Federal Reserve on Sunday to provide cash to financially squeezed Wall Street investment houses pushed the battered greenback deeper into multiyear lows against the yen.
“The Fed's move overall will help the liquidity of the US dollar, and that will really further soften the dollar,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “Meanwhile, investors seem to be just following the mantra of buying oil and commodities to hedge against the falling dollar and inflation.” Still, oil prices were moving sharply downward by Monday afternoon, reflecting apparent market jitters about how high a level was supportable in light of dismal US ecomonic developments.
Light, sweet crude for April delivery spiked to a record $111.80 a barrel - up $1.59 from Friday's close - in electronic trading on the New York Mercantile Exchange in Asian trading. But by afternoon in Europe it was down $4.20 at $106.01.
The contract's previous trading high was set earlier Monday at $111.42 a barrel. On Friday, the contract fell 12 cents to settle at $110.21 a barrel.
“Surely, this is the week crude oil breaks,” said the Schork Report, edited by analyst Stephen Schork, alluding to expectations that crude prices were ready for a correction. “After all, the US economy is circling the bowl and the fundamentals have to catch up to the market at some point.” Analysts blame the weak dollar for oil's recent rally.
Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is weak. __


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