Business International

Oil heads back toward $133 a barrel

Oil rose to near $133 a barrel yesterday on worries about global petroleum supplies and the outlook for the US dollar.

Stocks fall on inflation concerns

Asian and European markets sank yesterday as high oil prices stoked inflation fears and investors fretted about the outlook for the US economy after last week's slump on Wall Street.

Improved efficiency in spotlight

With oil prices on a record flight path, the global aerospace industry will be focusing on improved efficiency and developments in alternative fuels at the International Berlin Air Show this week.

IN BRIEF (Page 17)

Business International

Oil at $135 on concern OPEC can't stop rally

Crude oil rose to a record above $135 a barrel as OPEC ministers said they could do nothing to stop a rally that may be heading to $200 a barrel.

Soaring fuel prices hit airlines

The world's top airlines warned yesterday that soaring fuel prices were hitting profits, prompting some to increase fares, and global leader American Airlines announced thousands of job cuts to counter higher costs.

Wrong-way bets to blame for crude's rise

Oil's rally to a record above $135 a barrel came as traders bought crude to cover wrong-way bets that prices would decline, according to data from the New York Mercantile Exchange.

Inflation is Fed's big worry

Federal Reserve policymakers signaled that an economic contraction in the first half won't be enough to spur further interest-rate cuts because of a rising threat from inflation.

Stocks slip for third day in Europe, Asia

Most stocks in Europe and Asia fell for a third day on concern record oil prices will curb profits at carmakers and airlines while higher inflation keeps the Federal Reserve from cutting interest rates.

IN BRIEF (Page 17)