Friday, August 01, 2008 10:49:34 AM
Oil Rises $4 on Israeli Comments About Iranian Nuclear Program
By Margot Habiby
Last Updated: August 1, 2008 10:29 EDT
Aug. 1 (Bloomberg) -- Crude oil rallied more than $4 a barrel after Israeli Deputy Prime Minister Shaul Mofaz said that Iran is on a path toward a ``major breakthrough' in its nuclear program.
The comments by Mofaz, seen as one of the candidates for Israeli prime minister after Ehud Olmert said he wouldn't run for re-election, fueled speculation that the U.S. or Israel may attack Iran, OPEC's second-biggest oil producer.
Mofaz ``definitely has juice,' and ``that would make everybody nervous,' said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. in New York.
Crude oil for September delivery rose $4.10, or 3.4 percent, to $128.26 a barrel at 10:22 a.m. on the New York Mercantile Exchange.
Prices declined in earlier trading amid signs demand will extend declines after the government reported the U.S. lost jobs for a seventh straight month in July.
Oil dropped after the Labor Department said payrolls fell by 51,000, less than forecast, and the jobless rate rose to 5.7 percent, the highest since March 2004, from 5.5 percent the month before. Fuel consumption in the past 12 months was the lowest since 2004-2005, according to the Energy Department.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
Copyright 2008 Bloomberg L.P.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4R756DVAQsM
-----
and see http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31131857 and http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31090263 -- and http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31145577 and preceding
Greensburg, KS - 5/4/07
"Eternal vigilance is the price of Liberty."
from John Philpot Curran, Speech
upon the Right of Election, 1790
F6
By Margot Habiby
Last Updated: August 1, 2008 10:29 EDT
Aug. 1 (Bloomberg) -- Crude oil rallied more than $4 a barrel after Israeli Deputy Prime Minister Shaul Mofaz said that Iran is on a path toward a ``major breakthrough' in its nuclear program.
The comments by Mofaz, seen as one of the candidates for Israeli prime minister after Ehud Olmert said he wouldn't run for re-election, fueled speculation that the U.S. or Israel may attack Iran, OPEC's second-biggest oil producer.
Mofaz ``definitely has juice,' and ``that would make everybody nervous,' said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. in New York.
Crude oil for September delivery rose $4.10, or 3.4 percent, to $128.26 a barrel at 10:22 a.m. on the New York Mercantile Exchange.
Prices declined in earlier trading amid signs demand will extend declines after the government reported the U.S. lost jobs for a seventh straight month in July.
Oil dropped after the Labor Department said payrolls fell by 51,000, less than forecast, and the jobless rate rose to 5.7 percent, the highest since March 2004, from 5.5 percent the month before. Fuel consumption in the past 12 months was the lowest since 2004-2005, according to the Energy Department.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
Copyright 2008 Bloomberg L.P.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4R756DVAQsM
-----
and see http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31131857 and http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31090263 -- and http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31145577 and preceding
Greensburg, KS - 5/4/07
"Eternal vigilance is the price of Liberty."
from John Philpot Curran, Speech
upon the Right of Election, 1790
F6
Greensburg, KS - 5/4/07
"Eternal vigilance is the price of Liberty."
from John Philpot Curran, Speech
upon the Right of Election, 1790
F6
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