Crude Oil hits Fresh Record at $78 per barrel amidst Media's stoicism

Domestic media's predilection to cover sensational political issues rather than focusing on what truly affects our lives is simply amazing. These simply reflects on the public's gullibility to trivialism and "personality-based" politics "statist" solutions to our daily lives.

Crude oil has passed the recent high mark as early as the afternoon (Philippine time) and surged way above its resistance level, as discussed previously ($80 here we come). The absence of such news accounts is truly deafening.

Anyway, what media papers over is what we deal with. According to Bloomberg (you may click on the link for the entire article),

July 14 (Bloomberg) -- Crude oil rose above $78 a barrel in New York for the first time as escalating violence in the Middle East and disruptions in Nigeria threatened global supplies.

Hezbollah militants fired rockets from Lebanon into Israel's third-biggest city after Israeli forces bombed Beirut international airport and other targets. A Nigerian newspaper yesterday reported that rebels had attacked pipelines, later denied by the owner of the facility, Italy's Eni SpA.

``There's real disruption to supplies in Nigeria, potential disruptions in Iran, and now you've got what's happening in Israel,'' said Tobin Gorey, commodity analyst at Commonwealth Bank of Australia Ltd. in Sydney. ``Who wants to sell in this environment?''

Crude oil for August delivery rose as much as $1.70, or 2.2 percent, to $78.40 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $77.95 at 7:45 a.m. in Singapore, 35 percent higher than a year ago.