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Jun 19 2009

Oil rises to near $72 as investors eye inflation

Posted by doris in America, Economy, Financial, Gas or Oil, Spending, Supply

Full Story At News.yahoo.com

SINGAPORE – Oil prices rose to near $72 a barrel in Asia on Friday amid concerns that massive U.S. fiscal spending will spark inflation down the road, making oil and other commodities attractive hedges.

Benchmark crude for July delivery rose 50 cents to $71.87 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Thursday, it rose 34 cents to settle at $71.37.

After hitting an eight-month high of $73.23 on June 11, oil has lingered above $70 a barrel this week on investor optimism the global economy is stabilizing from a severe slowdown.

Traders are also buying crude and other commodities as protection against possible inflation and a weaker dollar.

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