Crude Oil Rises to Record Amid Venezuela Supply Concerns - Bloomberg

[WillyT]

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Aug. 16 (Bloomberg) -- Crude oil futures in New York rose to a record on concern violence may spread in Venezuela, the fourth-largest exporter to the U.S., as the nation votes in a referendum that could remove President Hugo Chavez from office.

Petroleos de Venezuela, the state oil company, increased security at its refineries and storage tanks. When the referendum started yesterday, a gunman fired on voters in the capital of Caracas, killing one person and injuring 12.

``There is a risk that if Chavez loses there will be a short term disruption to production,'' said Pieter Bruinstroop, who helps oversee $2.3 billion in resource company investments for APS Asset Management Ltd. in Singapore. ``Chavez would not be inclined to give them a smooth handover,'' Bruinstroop said.

Crude oil for September delivery rose as much as 27 cents, or 0.6 percent, to $46.85 a barrel in after-hours electronic trading on the New York Mercantile Exchange at 11:18 a.m. Singapore time. That's the highest intraday price since oil began trading in New York in 1983.

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Link: http://quote.bloomberg.com/apps/news?pid=10000006&sid=aFuUCl9BzpEk&refer=home

Monday's markets should be interesting.

:shrug:

[Dogmudgeon]

1. It's Pee Coil!

Pee Coil, I tell you!

--bkl

[Eloriel]

2. Oy! "Bruinstroop "

Out of the corner of my eye, that read as "Bushtrooper" to me.