The excerpt below by an investment analyst is ominous.
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May 17, 2004
Good Morning - The dollar is trading lower this morning, as crude oil rose to record all time high levels overnight on the NY Mercantile Exchange, after the head of Iraq's governing council was killed in a car bomb explosion, raising concern over the U.S. turnover of power on June 30th and the potential of supply disruptions from the Middle East's third largest oil producer. Meanwhile, gasoline futures rose to record levels on Friday, as the four week average of gasoline demand rose by 3.2% to 9.13 million barrels per day, while inventories remain 6.9% below last year's levels. Crude oil futures are trading 26 cents higher this morning at $ 41.64 following the Iraqi attack, while the euro advanced to 120.16 U.S. cents compared with 118.88 late Friday and the yen rose to 113.75 per dollar from 114.25.
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