Thursday, July 3, 2008
Oil approaches £150 a barrel
Oil tightened its squeeze on world economies today soaring to a new high of over $145 a barrel. Eurozone growth is also expected to take a further hit at lunchtime when the European Central Bank is expected to raise rates to curb inflation. In London, the continuing threat of an attack on Iran, the world's fourth largest oil producer, sent Brent crude to $145.75 a barrel, while in Asia, oil for August delivery was trading at $144.35 - more than 30 per cent higher than prices at the end of last year.