MARKET SUMMARY FOR 20 AUGUST, 2008
Oil raced above $116 a barrel on Thursday, a third straight day of gains, on supply
concerns after Russia expressed its displeasure over a U.S.-Poland defense pact.
U.S. crude futures gained 80 cents to $116.36 a barrel by 0709 GMT, while London
Brent crude climbed 65 cents to $115.01.
Oil prices are down more than 20 percent from peaks hit in mid-July on worries
over slowing global demand, but they remain up about 15 percent this year in a
multi-year rally driven by Asian economic growth.
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