'Oil prices extend record run, break 126 dollars
(Agencies)
Updated: 2008-05-10 10:09
NEW YORK - Oil prices briefly surged to a record high above 126 dollars on Friday, driven into uncharted territory by speculators trying to take advantage of global supply concerns, analysts said.
Traders work the Crude Oil trading pit at the New York Mercantile Exchange Friday, May 9, 2008, as oil rose above $126 a barrel for the first time Friday. [Agencies]
Oil prices have rocketed to fresh record highs every day this week in reaction to unrest in key producer Nigeria and other ongoing supply worries.
New York's main oil futures contract, light sweet crude for June delivery, spiked as high as 126.25 dollars in intra day trading before closing at 125.96 dollars, marking a sharp gain of 2.27 dollars from Thursday's closing value.
In London, Brent crude oil briefly hit an all-time peak of 125.90 dollars. The contract subsequently settled up a strong 2.56 dollars at 125.40 dollars.
Sucden analyst Michael Davies said there was "keen interest in the oil market by the (investment) funds, which are currently being attracted by oil's rapid price appreciation this year.
"This probably explains the move higher over the last few days," he said.
World oil prices have rocketed 25 percent since the start of 2008 and have doubled in the past 12 months from around 62 dollars.
Oil values vaulted above the psychological 100-dollar mark in January and have since jumped above 120 dollars.'
(Agencies)
Updated: 2008-05-10 10:09
NEW YORK - Oil prices briefly surged to a record high above 126 dollars on Friday, driven into uncharted territory by speculators trying to take advantage of global supply concerns, analysts said.
Traders work the Crude Oil trading pit at the New York Mercantile Exchange Friday, May 9, 2008, as oil rose above $126 a barrel for the first time Friday. [Agencies]
Oil prices have rocketed to fresh record highs every day this week in reaction to unrest in key producer Nigeria and other ongoing supply worries.
New York's main oil futures contract, light sweet crude for June delivery, spiked as high as 126.25 dollars in intra day trading before closing at 125.96 dollars, marking a sharp gain of 2.27 dollars from Thursday's closing value.
In London, Brent crude oil briefly hit an all-time peak of 125.90 dollars. The contract subsequently settled up a strong 2.56 dollars at 125.40 dollars.
Sucden analyst Michael Davies said there was "keen interest in the oil market by the (investment) funds, which are currently being attracted by oil's rapid price appreciation this year.
"This probably explains the move higher over the last few days," he said.
World oil prices have rocketed 25 percent since the start of 2008 and have doubled in the past 12 months from around 62 dollars.
Oil values vaulted above the psychological 100-dollar mark in January and have since jumped above 120 dollars.'
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