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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: bullbud who wrote (8789)	3/27/2008 3:11:30 PM
From: bullbud	Respond to of 50652

Crude rallies 1.6% to close above $107 a barrel Crude closes above $107 a barrel on Iraq tensions By Moming Zhou & Polya Lesova, MarketWatch Last Update: 3:03 PM ET Mar 27, 2008 SAN FRANCISCO (MarketWatch) -- Crude-oil futures rose to close above $107 a barrel on Thursday as tensions in Iraq raised worries that supplies from the crude-rich region may be disrupted. Data released on Wednesday showing that U.S. crude inventories were unchanged last week also continued to pressure prices, while a rising dollar reduced the attraction of dollar-denominated crude and limited its gains. Crude for May delivery ended up $1.68, or 1.6%, to $107.58 a barrel on the New York Mercantile Exchange. It fell to an intraday low of $101.55 overnight, but surged as high as $108.22 a barrel in the afternoon. In Iraq, a second oil pipeline was bombed in Iraq Thursday, according to media reports. U.S. crude stockpiles held steady at 311.8 million barrels in the week ended March 21, the Energy Information Administration reported on Wednesday. Analysts surveyed by energy information provider Platts had been looking for an increase of 1.5 million barrels. The dollar index, which tracks the value of the greenback against a basket of other currencies, gained 0.3% to 71.59. A rising dollar reduced crude's attraction as an investment haven. Thursday's economist data also weighed on crude prices. The Commerce Department estimated that the U.S. economy slowed abruptly in the fourth quarter, growing at a 0.6% annual rate, the slowest pace since late 2002. See full story. Click for Detail