BBC NEWS | Business | Supply fears push oil beyond $126 Quote:
Crude oil prices have hit yet another all-time high in New York, tipping beyond $126 a barrel.
Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.
Meanwhile, London's Brent crude also hit a fresh high of $125.68, before later falling below $125.
A report by Goldman Sachs has said the price of crude oil could reach $200 a barrel in as little as six months.
Despite the continuing rises in oil prices, producers group Opec reiterated its view on Thursday that supplies were adequate for the time being.
However, it has also said that $200 a barrel was a possibility in the future.
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No doubt Sheikh Mo is laughing, and Russian leaders are laughing. What is it to them that the third world is now up in riot over skyrocketing food prices? In New York City, no less, food prices doubled in one month.
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The following is but a sample list of widespread asset devaluation writedowns made by banks since 2007 as they desperately seek financial reinforcement from governments and shareholders.
£12 billion - Citigroup (9,000 job cuts)
£12 billion - Merrill Lynch (4,000 job cuts)
£ 9 billion - UBS (5,500 job cuts)
£ 8 billion - HSBC
£ 7 billion - RBS (£12 billion rights issue)
£ 3 billion - Barclays
£ 3 billion - HBOS (£4 billion rights issue, share price down 42% in past year)
£ 2 billion - Credit Suisse
£ 2 billion - Deutsche Bank
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Supersmart UBS's CEO has been given the bullet, possibly he allowed himself to get personal while chasing losses. There is an epidemic of disasters right now. But a time will come, to get even without getting mad.