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Crude Hits Another Record High Above $140

Money Morning (June 29th, 2008) Writes:
By Jason Simpkins Associate Editor The benchmark crude oil rose 57 cents to settle at a record-high $140.21 a barrel on the New York Mercantile Exchange Friday, after a sell-off on Wall Street left the Dow Jones Industrial Average in bear territory. After plummeting 358 points on Thursday, the Dow dropped another 107 points to end the week at 11,346.51. After sliding 4.2% last week, the Dow is now down 20% from its Oct. 9 high of 14,165. And that means the benchmark U.S. index has officially entered into a bear market. “With oil prices bursting through the $140 threshold and seemingly unstoppable, economists are busily debating whether it’s all going to end in fire (inflation) or ice (deep recession),” said Doug Porter, senior economist at BMO Capital Markets. “Equity markets aren’t so concerned about the fineries of the debate, but are ...

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