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‘Cold War’ heats oil market

09/01/2008
By NINA RACH
Crude futures soared above $120/bbl Aug. 21 on the New York market for the first time in 2 weeks as both the US dollar and US-Russian relations deteriorated. In the Houston office of Raymond James & Associates Inc., analysts suggested “a new Cold War” might be “heating up the oil market” apparently due to US opposition to Russia’s incursion into nearby Georgia.That same day at Petromatrix in Zug, Switzerland, Oliver Jakob noted “Ten days ago, the Baku-Tbilisi-Ceyhan oil pipeline was on fire, bombs were falling on Georgia, the US [crude] stocks were reported lower than expected, but the price of oil was moving down. Today the BTC pipeline is repaired...
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