Middle East
Crude Oil Rises to Record Above $125 as Nigeria Violence Draws Speculators Crude oil rose above $126 a barrel in
New York to a record as the dollar weakened against the euro and
yen, prompting investors to buy commodities as a hedge against
the currency's decline.
OPEC May Consider Oil Output Boost Before September, Libya's Ghanem Says OPEC, the producer of more than 40
percent of the world's oil, may meet before September to
consider increasing output in an attempt to rein in record crude
prices, Libya's Shokri Ghanem said.
Egypt Raises Key Interest Rate to 10% as Prices Rise Most in Three Years Egypt's central bank raised its
overnight deposit and lending rates by half a percentage point
after inflation accelerated to a three-year high.
Oil May Fall Next Week on Dollar's Advance, Inventory Gain, Survey Shows Crude oil may fall next week on
forecasts that U.S. inventories will increase as refiners
prepare for summer gasoline demand and on the return of Nigerian
output.
Gold Rises, Headed for Weekly Gain, as Oil Reaches Record; Platinum Gains Gold rose for a second day in London,
heading for its biggest weekly gain since February, as record
crude oil prices spurred investors to seek a hedge against
inflation. Platinum climbed to a seven-week high.
Yen Heads for Weekly Advance Versus Euro as Stock Losses Sap Carry Trades The yen rose against the euro, heading
for its biggest weekly gain in three months, as renewed concern
credit-market losses are spreading spurred investors to sell
higher-yielding assets.
Persian Gulf Tanker Rates May Advance for a Third Day as Vessels Dwindle The cost of shipping Middle East crude
to Asia, at a five-month high, may climb for a third day as oil
companies chase a dwindling supply of vessels for cargoes that
are due to be collected in June.
Oman Crude Falls Against Benchmark as Lower Refining Profit Slows Demand Oman crude oil, a Persian Gulf
benchmark for Asia, fell in relation to its benchmark as demand
slowed after processing profits declined.
Beirut Gun Battles Kill 10 as Hezbollah Challenges Prime Minister Siniora Gun battles raged across western and
southern Beirut, leaving 10 people dead, as fighters from the
Shiite group Hezbollah pressed their party's challenge to
Lebanon's pro-Western government.
Al-Qaeda in Iraq Leader Al-Masri Wasn't Held in Raid, U.S. Military Says The U.S. military said a man detained
in northern Iraq wasn't al-Qaeda's purported leader in the
country, Abu Ayyub al-Masri.
Olmert Says `Never Took a Bribe,' Will Quit as Israeli Premier If Indicted Israeli Prime Minister Ehud Olmert
denied allegations that he accepted money illegally when he was
Jerusalem mayor and government minister as he faces two other
pending police investigations.