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Reply #3: Oil hits record $120.93 a barrel on supply woes [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-06-08 06:07 AM
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3.  Oil hits record $120.93 a barrel on supply woes
SINGAPORE - Oil futures rose to an all-time high near $121 a barrel Tuesday in Asia, fueled by worries about threats to supply and a weakening of the U.S. dollar.

The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.

Light, sweet crude for June delivery rose to a record $120.93 a barrel in electronic trading on the New York Mercantile Exchange on Tuesday. The contract later retreated to $120.24 a barrel, up 27 cents from Monday's close.

Crude futures settled on Monday at $119.97 a barrel, up $3.65 from Friday's close.

.....

Amid the occasional threats to crude supplies, global demand for oil continues to grow. While demand for oil and gasoline has been soft in the U.S., the Chinese and Indian economies are growing by double digits, boosting global demand for oil.

http://news.yahoo.com/s/ap/oil_prices
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