Oil prices reach record high

Oil prices topped $71 per barrel today despite inventories being at an 8-year high. Combined with rising interest rates and a cooling housing markets, consumer spending is likely to be impacted. Read an article about this from the front page of today's WSJ HERE. Read a Business Week Online article HERE Read OPEC's latest monthly report, which has revised its demand-growth forecast for 2006 to 1.42 million barrels a day, down from 1.46 million barrels from their last report.