The price of oil percolated at around $137 a barrel Monday after reaching a record at the weekend of $138.54 on a strongest-ever $11 surge Friday triggered by fighting words spoken over Iran and the degraded U.S. dollar.
An Israeli cabinet minster Friday said his country will bomb Iran if Teheran sticks to its nuclear project. Iran could be Opec’s No. 2 oil producer if oilfield upgrades were able to move ahead.
The strength of the Euro is, meanwhile, keeping traders in oil busy after forecasts from banks show oil continuing its march toward $200. Currency speculators, too, are betting on a stronger buck post-Iraq.
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