Re: Oil company profits rise with oil prices as Israel attacks its neighbours

...hmmm, should that be the US of A and their Aaarabs buddies?!!

"250cents a time" <250cents a time@xxxxxxxxx> wrote in message
as hama and hezbollah why they want oil prize increase.

because IRAN and SYRIA wants more oil revenue

"Dr Evil" <drevil@xxxxxxxxxxxx> wrote in message
Oil company profits rise with oil prices as Israel attacks its neighbours

Israel crisis sends oil above $78

Growing international tension over Israel's offensive in Lebanon has sent
world markets tumbling after oil prices rose above $78 a barrel.

Japanese shares fell heavily on worries over oil prices and their impact
global growth, while European markets suffered losses in early trading.

In Asian trading, oil prices rose $1.40 to $78.10 a barrel, having closed
a record high of $76.70 in New York.

Analysts fear the dispute could trigger wider instability in the region.

Threat to growth?

This, in turn, could push prices even higher.

"If this carries on, you can see the oil price going to $80," said Elissa
Bayer, a director at stockbrokers Insinger DeBeaufort.

A drop in US oil inventories and further tension in oil-producing Nigeria
added to the upward pressure on crude prices, with Brent Crude rising
to $78.03 in Asian trading.

Escalating oil prices weighed heavily on stock markets, with the cost of
seen as a threat to corporate profitability and economic growth.

Japan's Nikkei-225 index fell 252.71 points, or 1.67%, to close at
14,891.37, following the trend set by US markets which suffered badly on

The Dow Jones lost 166.89 points, or 1.5%, to close at 10,846.29, its
treble-digit loss in successive days.

European markets were not immune to anxiety over conflict in the Middle
East, shares falling in London, Paris and Frankfurt.

The FTSE 100, Cac 40 and Dax 30 lost 38.7, 48.90 and 69.28 points
respectively in early trading.

$80 oil?

Israel's military action in Lebanon is one of the key factors affecting
current surge in oil prices, analysts said.

Israel has imposed an air and sea blockade on Lebanon as part of a major
offensive after two soldiers were seized by the militant group Hezbollah.

Although neither Israel nor Lebanon are oil producers, the violence has
increased tensions in the Middle East, a region which accounts for about
quarter of the world's oil.

"We are certainly in unchartered territory," said Victor Shum, an energy
analyst at Purvin & Getz in Singapore.

"I would not be surprised if $80 is attained soon with this slew of
geopolitical events in a tight market."


BBC News, "Israel crisis sends oil above $78", 14 July 2006.


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