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Politics : Formerly About Advanced Micro Devices
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From: Road Walker6/20/2008 9:42:24 AM
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Oil rebounds on word Israel practiced Iran attack By JOHN WILEN, AP Business Writer
17 minutes ago


Oil futures rebounded Friday as Pentagon officials said a large scale Israeli military exercise in the Eastern Mediterranean early this month was intended in part as a demonstration of Jerusalem's ability to attack Iranian nuclear facilities.

At the pump, gas prices rose slightly.

Light, sweet crude for July delivery rose $3.08 to $135.01 a barrel on the New York Mercantile Exchange, recovering much of the ground lost Thursday after China announced it was raising fuel prices.

While Thursday's news from China reduced investor concerns about surging global demand for oil and fuel, Friday's news from Iran injected fresh supply worries into the market.

Adding to the news of the military exercises in the Middle East, Nigerian oil workers have decided to strike at a Chevron Corp. facility beginning Monday, a move that could further cut oil supplies from Africa's largest producer.

The dollar also fell against the euro. Many investors buy commodities such as oil as a hedge against inflation when the greenback weakens. A falling dollar makes oil less expensive to investors overseas.

At the pump, meanwhile, gas prices inched 0.2 cent higher to a national average of $4.075 a gallon Friday, according to AAA and the Oil Price Information Service. Gas prices have drifted lower this week since hitting a record $4.08 a gallon on Monday.

____

Associated Press Writer Pauline Jelinek, in Washington, contributed to this report.
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