Bizwatch

Saudi to the Rescue?
From Iraqi insurgents targeting pipelines to Russian prosecutors targeting Yukos to storms in the Gulf of Mexico, threats to oil production have sent the price of crude soaring. With growth in global demand at a 24-year high and supply overstretched, any hint of disruption becomes a market mover. Oil prices hit $46.65 per bbl. last week — the highest in the 21-year history of New York Mercantile Exchange futures — amid fears of political unrest in the wake of oil-rich Venezuela's recall referendum on President Hugo Chávez. The soaring price might not signal...