Posted AT 3:39 AM EST on 22/05/08
Record oil prices signal 'new world'
OTTAWA — Investors are placing huge bets that today's record crude prices are headed sharply higher in the coming years, essentially gambling that scarce resources and a weak U.S. dollar will trump the age-old law of supply and demand.
As crude for near-term delivery shot past $133 (U.S.) a barrel yesterday, many analysts were more focused on the stunning price increases in futures contracts covering oil deliveries for the next eight years.
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