Archive for the ‘oil revenue’ 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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http://news.yahoo.com/s/ap/20080415/ap_on_bi_ge/oil_prices;_ylt
=AoPw9UjXgTMLld6t8uaaPi2s0NUE

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Iraq not using oil cash to rebuild

January 30, 2008

By Sharon Behn
The Washington Times
January 30, 2008

Increased Iraqi oil revenues stemming from high prices and improved security are piling up in the Federal Reserve Bank of New York rather than being spent on needed reconstruction projects, a Washington Times study of Iraq’s spending and revenue figures has shown.
U.S. officials and outside analysts blame the collapse of the country’s political and physical infrastructure for Baghdad’s failure to spend the money on projects considered vital to restoring stability in the country.
Out of $10 billion budgeted for capital projects in 2007, only 4.4 percent had been spent…

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 http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20080130/FOREIGN/458073763/1001