Crude oil traded near records above $145 today a barrel as investors purchased commodities as an alternative to flagging equities markets.
Oil set new highs the last three days as money managers bought futures, shunning stocks as global equity indexes fell for a fifth week. Crude may rise further next week.
Some cited the risk Israel may bomb Iran, starting a conflict that cuts supply from OPEC's second-largest producer.
Crude oil for August delivery was at $144.99 a barrel, down 30 cents, in electronic trading on the New York Mercantile Exchange at 10.03am (Irish time).
Futures yesterday climbed to a record $145.85 a barrel. Prices have risen 3.6 per cent this week and more than doubled in the past year.
Nymex electronic trading continues today as other US markets are closed today for the Independence Day holiday.
Bloomberg