http://story.news.yahoo.com/news?tmpl=story&cid=1503&ncid=1503&e=1&u=... NEW YORK (AFP) - World oil prices tore to all-time highs as tropical storms thundered near oil platforms, oil-rich Venezuela faced a strike risk and Iraq (news - web sites) fighting raged. New York's benchmark light sweet contract for delivery in September roared 80 cents higher to 46.30 dollars a barrel, smashing through 46 dollars for the first time. London's Brent North Sea crude oil for September soared 91 cents to 43.20 dollars, breaking 43 dollars for the first time. Prices sizzled as fears grew that the world's producers are already pumping at full stretch to meet hot global demand, meaning any disruption would cause a shortfall. [...] And on a very related note:
http://money.cnn.com/2004/08/13/news/economy/trade/index.htm NEW YORK (CNN/Money) - The U.S. trade deficit soared to a record $55.8 billion in June, the government reported, coming in far wider than economists had expected as climbing oil prices led to a record level of imports. The trade deficit reached $55.8 billion in June after a revised reading of $46.9 billion the previous month, the Commerce Department reported. Wall Street had expected a reading of $47 billion, according to Briefing.com. Following the report, the U.S. dollar fell sharply amid a rising supply of the currency around the world with the climbing imports and on the reduced chances of rising interest rates. [...]