The price of New York crude oil soared above $126 per barrel on Friday, lifted by speculative demand amid concerns about tight global energy supplies, analysts said. New York’s main oil futures contract, light sweet crude for June delivery, spiked as high as $126,20 in London trading hours.
Runaway oil prices roared higher on Monday to strike a record high $103,95 per barrel as traders reacted to the plunging United States dollar amid expectations that the Organisation of the Petroleum Exporting Countries (Opec) will hold output this week.
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/ 27 February 2008
Oil powered to a new record above a barrel on Wednesday, closing in on its inflation-adjusted lifetime peak, as an ailing dollar on worsening United States economic data triggered a surge across commodities markets. US crude stood 15 cents higher at ,03 a barrel by 1pm GMT, off its new record high of ,08.
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/ 31 October 2007
Oil prices hit fresh record highs on Wednesday, with New York crude at $94 per barrel after news that United States crude inventories had slumped last week, traders said. "The market is clearly reacting to the larger-than-expected drop in crude oil inventories," said Citigroup analyst Tim Evans. Over the course of Wednesday, prices rocketed by as much as $4 to $5.
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/ 17 October 2007
Oil marched to a new peak of a barrel on Wednesday as investors fretted over possible military action in northern Iraq and a potential supply crunch this winter. Turkey’s Parliament on Wednesday granted its troops permission to launch an attack inside Iraqi territory, despite international pressure not to.
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/ 16 October 2007
The price of gold leapt on Tuesday to the highest level since the start of 1980, winning support from runaway crude oil prices, traders said. On the London Bullion Market, gold prices surged as high as $767,09 per ounce. Gold prices jumped higher "on a combination of a weaker dollar, geopolitical concerns, positive investor sentiment and record high oil prices", said analysts.
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/ 21 September 2007
The price of London Brent oil hit another all-time high on Friday on United States storm concerns at the end of a record-breaking week that saw New York crude soar beyond per barrel. The price of Brent North Sea crude for November delivery surged as high as ,35 per barrel, beating Thursday’s record.
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/ 13 September 2007
Oil prices dipped on Thursday but held near the previous day’s record high above a barrel, as dealers watched a hurricane in the Gulf of Mexico after a sharp fall in United States crude stocks. US crude traded 12 cents lower at ,79 a barrel by 8.39am GMT, after climbing ,68 on Wednesday, when it hit a record of ,18.