Crude oil fell from a seven month high after the dollar strengthened on a government report that showed the U.S. lost fewer jobs in May than forecast. Oil declined as much as 1.9 percent as the U.S. currency strengthened against the euro and yen, reducing demand for commodities as an alternative investment. Prices climbed above $70 for the first time since November after the initial release of the Labor Department report on speculation that the payroll number signaled that the worst of the economic slump is over.....Complete Story
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"Russia Says Oil Price at $75/Barrel Reasonable"
A senior Russia official said Friday that $75 is a reasonable price for per barrel oil and warned that oil output would drop on further credit crunch. "We need at least $75 per barrel," Russian First Deputy Prime Minister Igor Sechin told reporters on the sidelines of the St. Petersburg Economic Forum, the country's top business forum. Sechin forecast that oil production would unlikely fall in the next few years due to mass investment over years, but "an increasingly shrinking access to finances could lead to a decline.".....Complete Story
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"BlackRock’s Rice Says Oil Shares May Double as Crude Climbs"
Daniel Rice, whose BlackRock Energy & Resources Fund rose more than any U.S. equity mutual fund in the past decade, said oil company stocks may double within three years as crude prices climb toward $90 a barrel. The global recession didn’t fundamentally change the demand for energy or affect long term supply constraints, Rice said in a June 2 interview at his Boston office. Coal stocks may triple, he said. Rice’s $808 million fund gained an average of 20 percent a year in the 10 years ended.....Complete Story
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