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/ 17 April 2008

Oil sets yet another record

Oil set a record above a barrel on Thursday as a drop in United States gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities. A US government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of petrol.

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/ 16 April 2008

Oil hits new high above $114

Oil struck a new record high above a barrel on Wednesday, buoyed by the weak dollar, inflows of speculative money and long-term constraints on supply. US crude was 53 cents higher at ,32 a barrel by 9.43am GMT, just below a fresh peak of ,41. Wednesday’s price is more than three times the average price of 2002, when oil’s rally began.