| Oil price strikes record $US90
CRUDE oil prices struck a record $US90 a barrel in after-hours trading in New York overnight, amid increased tensions between Turkey's government and Kurdish rebels in northern Iraq. Traders said a weak US dollar and supply jitters had also stoked the price surge. The price gains came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped $US2.07 to a record close of $US89.47 a barrel. London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to $US84.88 after the contract had earlier settled $US1.47 higher at $US84.60. Oil prices have pushed higher this week amid geopolitical angst related to the Turkey-Iraq border and a weakening dollar, which makes dollar-priced commodities such as oil cheaper for buyers with stronger currencies and therefore lifts crude demand.
Meeting demand for oil-pricing answers
Stephen Schork, a former New York commodities trader who lives in Villanova, is attracting a lot of attention with his three-year-old newsletter that analyzes the wild changes in oil prices. Only about 100 people have agreed to pay the upwards of $10,500 that he charges for a one-year subscription. He shows up regularly in newspapers and on national television as reporters seek help in making sense of this crucial and volatile commodity market. This exposure during the year when crude oil prices nearly doubled has produced "a ton of people on trial subscriptions," he said. Schork, 41, caught a wave when the collapse of Enron and other factors came together to drastically change the oil markets. In addition to supply-and-demand and what OPEC is thinking, people with oil-centered lives now "have to worry about what some 28-year-old hedge fund manager in Manhattan, with billions of dollars of other people's money, will do next," Schork said over coffee at the MilkBoy Cafe in Ardmore.
'MAD' JIM CRAMER LOSES GOLDEN $50K BET
The host of CNBC's "Mad Money" now owes $50,000 after losing one of the worst wagers of his entire career to rival trading wiz Eric Bolling. Cramer, who favors the phrase "Boo Ya," made an on-air bet with Bolling about a year ago that financial services would be the hottest sector of 2007. Bolling, a former trader at the New York Mercantile Exchange, placed his money on oil and gold. Investors who took Cramer's advice would have taken a 30 percent hit to their portfolios as the stocks of financial titans such as Citigroup and Merrill Lynch got hammered by the mortgage crisis. On the other hand, investors savvy enough to follow Bolling's bet on gold and oil would have hit the jackpot, as the hot commodities jumped over 60 percent in the same period. Cramer, through a spokesman, blamed his loss on Federal Reserve Chairman Ben Bernanke's failure to cut interest rates more aggressively.
Working to end Israeli apartheid
For a long time, they focused on Israels military occupation of the West Bank and Gaza. As problematic and significant as the occupation is, it fails to capture the breadth of what lasting peace and justice require. The discourse of ending the occupation does not address the refugees stemming from 1948 and 1967, discrimination against the one million Palestinian citizens of Israel, water access rights, the Golan Heights, and the future of Jerusalem. One term that captures Israels ethno-religious supremacy, as well as its infrastructure of segregation against the Palestinians, is apartheid. It captures Israels essence. Like apartheid South Africa, Israel is a regional rogue that shows no regard for the sovereignty of the surrounding states, nor the people whose land it took.
TheStar.com | columnists | Safe exit strategy from energy deal
After receiving the contract, you have a 10-day cooling off period to change your mind. If you have any doubts about enrolling, do it quickly – and in writing. Once the cooling off period has ended, the retailer will contact you by phone to see if you still want to go ahead. This call will be recorded and used as evidence against you if you change your mind later about signing a fixed-price contract. You don't have to reaffirm by phone if you contacted the retailer asking to be signed up, responded to a direct mail campaign or signed an online agreement. Once you agree (or your spouse agrees) by phone to go ahead, you probably can't get out without paying a fee. The early cancellation charge can be quite onerous – as high as $2,617.91 for one reader who has electric heating.
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Oil Near $100 After Record Close
Oil futures on Wednesday pushed briefly past $101 a barrel after the U.S. Federal Reserve lowered its forecast for U.S. economic growth this year, convincing energy investors that the central bank will slash interest rates further.
"Investors are going into commodities for a safe haven, because they think commodities may perform better than equities and also may be hedges against inflation," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
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