Oil jumped more than to strike a record over a barrel on Monday on the weaker dollar and supply concerns from Organisation of the Petroleum Exporting Countries members Nigeria and Iran. United States crude gained ,37 to trade at ,69 at 3.55pm GMT, after surging to ,21 earlier.
World oil prices paused within sight of the $120 level on Thursday after a mixed report on United States energy stockpiles, dealers said. In Asian afternoon trading, New York’s main oil futures contract, light sweet crude for delivery in June, slipped 25 cents to $118,05 per barrel.
No image available
/ 2 November 2007
Oil prices resumed their climb on Friday after a decline in the previous session prompted new buying amid expectations that crude futures would continue to test new records because of tight supplies. Light, sweet crude for December delivery rose by 41 cents to ,90 a barrel in electronic trading on the New York Mercantile Exchange.