Oil steady above $145 in Asia on Saudi declaration
Filed at 1:57 a.m. ET
BANGKOK, Thailand (AP) — Oil prices remained near record highs above $145 a barrel in Asia after Saudi Arabia’s oil minister suggested his country doesn’t plan to boost production.
Light, sweet crude for August delivery was little changed, down 3 cents at $145.26 a barrel in Asian electronic trading on the New York Mercantile Exchange, midday in Singapore. Crude futures rose to $145.85, a record high, in New York on Thursday before settling at a record finish of $145.29 a barrel.
Oil prices have risen more than 50 percent so far this year.
Saudi Arabian Oil Minister Ali Naimi said Thursday in Madrid that the world’s biggest oil exporter had no immediate plans to boost crude output because there was no need to do so. Naimi said Saudi Arabia is ready to raise production if the kingdom determines supply-and-demand fundamentals have changed. But for now, ”all our buyers are satisfied and happy,” he said.
Gains by the dollar Thursday against the euro helped keep oil prices from rising further. The greenback strengthened after the European Central Bank raised its benchmark interest rate an expected quarter point but signaled it didn’t expect additional rate hikes that might further boost euro.
The dollar on Friday was slightly weaker against the euro at $1.5720. The yen was holding steady to the U.S. currency at 106.76.
A falling dollar has helped boost oil prices this year as investors often buy commodities such as oil as a hedge against inflation when the greenback weakens. Also, a struggling dollar makes oil less expensive to investors overseas.
Oil prices are rising amid a drop in stock prices worldwide, with the major stock market indices all down by double digits since the start of the year.
Recent saber-rattling in the Middle East is another reason for this week’s increase. Traders are concerned that a conflict with Iran could disrupt tight global supplies.
In other Nymex trade, heating oil futures rose 0.2 cent to $4.108 a gallon (3.8 liters) while gasoline prices were flat at $3.571 a gallon. Natural gas futures rose 2.4 cents to $13.601 per 1,000 cubic feet.
In London, Brent crude futures rose 8 cents to $146.16 a barrel on the ICE Futures exchange.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
