Big Mo: Oil price son may see $150 next month

by the international crude oil futures prices soaring and the U.Sunemployment rate unexpectedly rose in May and other factors, the New York stock market on the 6th all three major stock indexes fell about 3%, the Dow Jones index fell nearly 400 pointsthe U.Sunemployment rate is higher
the U.SLabor Department reported that the U.Sunemployment rate rose to 5.5 percent in May, the most since February 1986Economists had expected the unemployment rate to rise to 5.1 percent in May from 5 percent in AprilHigher unemployment worries the outlook for the U.Seconomy and leads to a weaker dollarThe weaker dollar was also the main reason for the day's continued rebound in crude oil futures prices from this week's lowsin addition, the situation has been compounded by threats by Israeli officials to strike Iran's nuclear facilities and Morgan Stanley's expectation that oil prices will rise to $150 by July 4Crude oil contracts for July delivery on the New York Mercantile Exchange rose more than $10 to close above $138 a barrelGeneral Electric and JPMorgan Chase were among the biggest declinersthe surge in oil prices led investors to sell stocksAll 30 components of the Dow fellOther commodity prices, in addition to crude oil, rose, with gold futures up more than $23, or 0.8 percent, on the New York Mercantile Exchange The August gold contract rose $23.5 to close at $899 an ounce London index fell 1.48 per as bank and aviation stocks fell sharply, the FINANCIAL Times 100-stock average closed at 5906.8 points on the 6th, down 88.5 points, or 1.48 per cent, from the previous session early on, the index had reached 6074.5 points, but then fell all the way down The U.S unemployment rate hit 5.5 percent in May, the highest in more than two decades, as the u.S economic downturn hit investor confidence and directly affected the London stock market market analysts here believe that the London stock market downturn will continue for some time, the Bank of England in the near future basically no chance of a rate cut ,nextPage British Airways shares were hit hard, down as much as 8.16 per cent, as international crude oil prices rose again to a high of around $133 a barrel But the rise in oil prices has helped push energy stocks higher Cairn Energy, the UK's independent oil miner, and British Gas rose 3.64 per cent and 2.36 per cent respectively the day, Europe's other two major stock indexes also fell sharply The CAC 40 in Paris closed at 4,795.32, down 111.74 points, or 2.28 percent, from the previous session The DAX index in Frankfurt, Germany, closed at 6,803.81, down 138.02 points, or 1.99 percent, from the previous session : Oil prices may be $150 next month
Damore said in a research note last week that oil prices could rise to $150 a barrel before the July 4 U.S National Day, as Asian consumption increases and inventories fall Damore pointed out that asia's share of Middle Eastern oil exports has never been higher BayernLB oil trader Zambo said $150 was not an unrealistic forecast because it would only take more than $10, which in fact could be done as soon as the next week, mainly because the euro rose again, spurring speculators into the market Benoit de Vitry, managing director of Barclays, said the rise in oil prices was not the result of speculation The rise in oil prices is based on investors' expectations that oil supplies will struggle to cope with demand He expects oil prices to rise to $150 this year However, oil prices won't be at that high for long, and this year's average price will be $116.9 (Gold) International oil prices all the way major U.S and European stock indexes closed last week
index closed up the Dow Jones Industrial Average 12,209.81 -3.13% the Standard and Poor's index 1360.68 -3.09% the Nasdaq 2474.56 -2.96% Paris The CAC 40 index 4795.32 -2.28% Germany's DAX index 6803.81 -1.99% by the international crude oil futures price surge and the unexpected surge in the U.S unemployment rate in May and other factors, the three major stock indexes in New York on the 6th fell about 3%, the Dow Jones index fell nearly 400 points the U.S unemployment rate is higher
the U.S Labor Department reported that the U.S unemployment rate rose to 5.5 percent in May, the most since February 1986 Economists had expected the unemployment rate to rise to 5.1 percent in May from 5 percent in April Higher unemployment worries the outlook for the U.S economy and leads to a weaker dollar The weaker dollar was also the main reason for the day's continued rebound in crude oil futures prices from this week's lows in addition, the situation has been compounded by threats by Israeli officials to strike Iran's nuclear facilities and Morgan Stanley's expectation that oil prices will rise to $150 by July 4 Crude oil contracts for July delivery on the New York Mercantile Exchange rose more than $10 to close above $138 a barrel General Electric and JPMorgan Chase were among the biggest decliners the surge in oil prices led investors to sell stocks All 30 components of the Dow fell Other commodity prices, in addition to crude oil, rose, with gold futures up more than $23, or 0.8 percent, on the New York Mercantile Exchange The August gold contract rose $23.5 to close at $899 an ounce London index fell 1.48 per as bank and aviation stocks fell sharply, the FINANCIAL Times 100-stock average closed at 5906.8 points on the 6th, down 88.5 points, or 1.48 per cent, from the previous session early on, the index had reached 6074.5 points, but then fell all the way down The U.S unemployment rate hit 5.5 percent in May, the highest in more than two decades, as the u.S economic downturn hit investor confidence and directly affected the London stock market market analysts here believe that the London stock market downturn will continue for some time, the Bank of England in the near future basically no chance of a rate cut ,nextPage British Airways shares were hit hard, down as much as 8.16 per cent, as international crude oil prices rose again to a high of around $133 a barrel But the rise in oil prices has helped push energy stocks higher Cairn Energy, the UK's independent oil miner, and British Gas rose 3.64 per cent and 2.36 per cent respectively the day, Europe's other two major stock indexes also fell sharply The CAC 40 in Paris closed at 4,795.32, down 111.74 points, or 2.28 percent, from the previous session The DAX index in Frankfurt, Germany, closed at 6,803.81, down 138.02 points, or 1.99 percent, from the previous session : Oil prices may be $150 next month
Damore said in a research note last week that oil prices could rise to $150 a barrel before the July 4 U.S National Day, as Asian consumption increases and inventories fall Damore pointed out that asia's share of Middle Eastern oil exports has never been higher BayernLB oil trader Zambo said $150 was not an unrealistic forecast because it would only take more than $10, which in fact could be done as soon as the next week, mainly because the euro rose again, spurring speculators into the market Benoit de Vitry, managing director of Barclays, said the rise in oil prices was not the result of speculation The rise in oil prices is based on investors' expectations that oil supplies will struggle to cope with demand He expects oil prices to rise to $150 this year However, oil prices won't be at that high for long, and this year's average price will be $116.9 (Gold) International oil prices all the way major U.S and European stock indexes closed last week
index closed up the Dow Jones Industrial Average 12209.81 -3.13% the Standard and Poor's index 1360.68 -3.09% the Nasdaq 2474.56 -2.96% PARIS CAC 40 4795.32 -2.28% Germany's DAX 6803.81 -1.99% (by name)