Crude climbs closer to $130 on price forecasts, demand concerns

Date: Tue, 20 May 2008 12:03:35 -0400

Crude climbs closer to $130 on price forecasts, demand concerns

Crude-oil futures travel to a new record high above $128 a barrel after
Monday's record high close, as investors bet that increasing demand will
exceed supply, despite increased production by Saudi Arabia.

Economic Report: Producer prices rise tame 0.2% in April

Wholesale prices rose a smaller-than-expected 0.2% in April after
seasonal adjustments, with food prices flat and energy prices falling,
the Labor Department reports.

The Fed: Fed wants to pause from rate cut campaign, Kohn signals

Interest rates are now low enough for the Federal Reserve to pause and
take a wait-and-see stance in coming weeks, influential Fed Vice
Chairman Donald Kohn says, but it might not be easy for the central bank
to take a break for long.

Home Depot, hurt by housing and economy, posts 66% profit drop

Home Depot Inc. reported Tuesday that first-quarter net income fell 66%,
hurt by economic worries that curtailed home-improvement spending and by
costs it incurred to close stores and abandon some new openings in its
pipeline.

Market Snapshot: Stocks slide as oil at $129 fuels inflation concerns

NEW YORK
Stocks fall sharply as crude oil futures top $129 and a report showing a
continued increase in producer prices fuels concerns that surging
commodities prices will further crimp U.S. consumption.