Monday, June 16, 2008

BIG FIRE IN THE NORTH SEA - OIL IS UP TODAY; NO TROPICAL CYCLONES YET

According to Bloomberg, there was a big fire on a drilling platform yesterday in the North Sea causing operations there to be suspended. So, oil's fragile price, responding to this disaster and a retreat of the dollar, rose.

No sign of tropical cyclone activity in the Caribbean Sea or Gulf of Mexico, but for this time of year, that's not unusual. There's a couple of tropical waves there, but, according to the National Hurricane Center nothing to trouble yourself about (darn!).

As of this hour, the price for a barrel of oil stood at $136.21.

We'll see how it does by the end of the day.

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