Oil could spoil Wall St.'s day
With crude futures hitting new record, markets are poised to extend losses.
July 13 2006: 5:32 AM EDT
NEW YORK (CNNMoney.com) -- A new record for crude futures could keep stocks in a tailspin Thursday.
At 5:30 a.m. ET, S&P and Nasdaq futures pointed to a lower open for the major indexes.
Oil touched a record $75.89 a barrel in electronic trading as Wednesday's lower-than-expected crude inventory, renewed concern about Iran's nuclear program and the increased violence between Israel and the Lebanese Hezbollah combined to drive prices higher.
At 5:27 a.m. ET, U.S. crude was at $75.80, up 85 cents from Wednesday's settlement. Brent crude trading in London was at $75.37, up 98 cents, after setting a front month intraday record of $75.60.
Treasury prices rose, sending the yield down to 5.09 percent from 5.10 percent late Wednesday.
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