Oil breaches historic $90 barrier

Crude oil prices have continued to defy all skeptical predictions and hit a record high of $90 per barrel for the first time.

The historic high-point spells bad news for much of the economy, with businesses in many sectors relying on lower fuel costs in order to function most effectively.

Meanwhile, the happiest investors on the market are not only those backing oil companies, with people who buy gold bullion achieving high yields as the precious metal’s anti-inflationary value rises day by day.

Effects of higher crude prices are expected to be major in the US economy, but fuel prices are spelling trouble elsewhere too, with automobile group the AA claiming that that average price of diesel prices across Great Britain had hit as high as 99.95p.

Simon Wardell, energy research manager with Global Insight, told Bloomberg: “The weak dollar is pushing the price higher. It’s hard to see how this is going to turn around quickly,” giving the gold market even more reason for hope.

I sure am glad that I “stocked up” on some gold way back when it was at the 630 per ounce level 🙂