Oil drifts above $71 as investors eye inflation

By
June 19, 2009 09:43

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Oil prices hovered above $71 a barrel in Asia Friday amid concerns that massive US fiscal spending will spark inflation down the road, making oil and other commodities attractive hedges. Benchmark crude for July delivery rose 10 cents to $71.47 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Thursday, it rose 34 cents to settle at $71.37. Oil has lingered above $70 a barrel this week, near eight-month highs, on investor optimism the global economy is stabilizing from a severe slowdown. Traders are also buying crude, whose price has doubled since March, and other commodities as protection against possible inflation and a weaker dollar. "As an inflation hedge, oil is very popular right now," said Christoffer Moltke-Leth, head of sales trading for Saxo Capital Markets in Singapore. "The theme of the market is the inflation scare, and it's getting more pronounced. Crude is seen as a safe bet in this environment."

Related Content

Breaking news
July 16, 2018
Additional fires break out in Be'eri, Kissufim forests on Gaza border

By JERUSALEM POST STAFF