Blog: Oil on the rise
Dave Leggett | 3 July 2008
I see oil has hit $145 a barrel. And the European Central Bank is potentially about to make things worse by raising interest rates. That, some say, will make the dollar even weaker and send even more of the speculators' money into oil, pushing the price up further. And, if that happens, 'cost-push' inflationary pressures are fuelled everywhere - including in Europe. Putting interest rates up in Europe to be 'tough' on inflation might not be the thing to do right now. Whether you believe that or not, the boss of OPEC has just said it. That in itself will be enough to have people convinced that the only way is up. $150 a barrel is now just over the horizon. Scary. If this is a bubble that will eventually burst, the bubble is now getting pretty big.
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