Dear People Who Run the World,
Please make this stop.
Seriously. Not cool, guys. Not cool.
Thank you for your prompt attention to this matter.
Sincerely,
A Poor Person
Oil hit a new record near $120 a barrel on Monday, boosted by a string of bullish factors that included big disruptions to Nigeria's output and a UK refinery strike, highlighting anxieties over threats to supply.
Prices retreated from early peaks as the dollar gained versus the euro, reflecting some expectations that the U.S. Federal Reserve may not cut interest rates this week.
U.S. light crude for June delivery was up 37 cents at $118.89 a barrel by 11:34 a.m. EDT, after a record high of $119.93. Prices are up almost 25 percent since the start of the year.
London Brent crude was up 43 cents at $116.77.
"Continued attacks in Nigeria and refinery closures in Scotland ... may see the U.S. target $121-122 a barrel this week, with longer-term charts all pointing to $130 or higher," said Ben Coleman, senior commodities trader at TradIndex.
Crude prices have surged more than fivefold since 2002 as global supplies struggle to keep pace with rising demand in emerging economies, such as China.
On a more serious note, Gary Coleman is getting divorced.
Thank God it will all be televised on Divorce Court.
Poor fella. Nothing good in this life lasts.
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