Storm, not war, pushes oil prices higher

08/29/2008 | Wall Street Journal, The

Tropical Storm Gustav, predicted to hit the U.S. Gulf Coast, is causing more anxiety among oil traders than war between Russia and Georgia. "Oil bulls usually thrive on the miserable things in life: war, bad weather, strikes. But the threat of pipelines being blown up in Georgia, a key transit country for Caspian energy, did nothing: Oil prices actually fell slightly between the opening of hostilities and the signing of a cease-fire," Liam Denning writes in The Wall Street Journal's Heard on the Street column.

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