December 02, 2008

Oil surpasses USD 126 per barrel

It is reported that oil prices surpassed a record USD 126 per barrel Friday on the eve of the US driving season as a weakening dollar drove investors to snap up commodities.

As per report light, sweet crude for June delivery rose USD 2.51 to a new record of USD 126.20 a barrel in electronic trading on the New York Mercantile Exchange by the afternoon in Europe. On Thursday, the contract rose to a record close of USD 123.69 a barrel.

In London, Brent crude contracts also hit record highs before slipping and traded up USD 2.98 on the day at USD 125.82 a barrel on the ICE Futures exchange. Earlier Friday, Brent had reached USD 125.90 before falling back.