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All the investors, politicians, and bankers’ attention to issues regarding subprime and credit crunch has been taken over by the rise in oil prices. As the current rally reflects the shattering economic crisis in 1970s oil shocks, there are mounting alarms in the market. Last week, oil reached another record, trading at $139.12 dollars/barrel and surpassing the 1979 high of $136.28. This weekend’s G8 Summit in Japan is to focus on the matter as energy costs have blocked consumption, skewed trade figures, and let the global inflation to grow. The markets will wait to see if the final official statement will include an unequivocal action on oil producing countries to increase production. US dollar determines oil prices, forex traders will look to USDCAD to capture the volatility surrounding the meeting’s outcome.
09:02
Posted on Jun-15-2008
