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Stock investors move out as oil prices surge again
28
Jun '08
World oil prices jumped to a fresh record of over US $142 a barrel on Friday as Asian share prices dropped significantly.

A striking three percent decline in US stocks was followed by the sell-off in Asia where shares posted a mixed result during trading.

Economists believe that higher oil prices make it difficult for companies to procure profit, forcing investors to move their capital out of stocks to a more lucrative venture and this invariably pulls down the prices of shares.

However, this recent hike in oil prices came after President of the Organization of Petroleum Exporting Countries (OPEC) stated on June 26 that crude oil prices would go as high as $170 a barrel in the coming few months.

Moreover, since oil has always been rated in US dollar, depreciating of the currency has had a huge impact on its prices which has doubled in past one year.

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