Archive for the ‘oil-producing countries’ Category

Oil rises to trading record above $112

April 15, 2008

By GILLIAN WONG, Associated Press Writer

SINGAPORE – Oil prices rose to an intraday trading record above $112 a barrel Tuesday after the U.S. dollar fell further and crude supplies to the U.S. and elsewhere were disrupted.

The main driver of crude’s rally was a decline in the greenback relative to the euro on Monday, analysts said. Crude oil’s recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold.”We’ve seen another swing down in the U.S. dollar so I think we saw short-term traders go back into oil as a hedge against the falling dollar,” said Mark Pervan, senior commodity strategist at the ANZ Bank in Melbourne, Australia.

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U.S. fears overseas funds could ‘buy up America’

August 21, 2007

By Steven R. Weisman
The International Herald Tribune
August 21, 2007

WASHINGTON: For years, the Bush administration has shrugged off concerns about the trillions of dollars that the United States owes to China, Japan and oil-producing countries in the Middle East, arguing that these debts give no undue leverage to foreign governments.

But at a time of global financial instability, the administration has started to worry.

U.S. concerns – like those of many European policy makers – focus on a growing but little understood trend of foreign governments converting their debt holdings into “sovereign investment funds” ….

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War By Every Possible Means