International concern mounted as world oil prices edged closer to $120 a barrel Wednesday and the world’s top producer called for calm. Analysts said a weakening United States dollar, supply worries in Nigeria and the reluctance of the Organisation of the Petroleum Exporting Countries to increase output have all contributed to the price surge.
Oil prices held steady near record highs in Asian trading on Thursday. New York’s main oil futures contract, light sweet crude for delivery in May, was four cents higher at $114,97 per barrel after a record close of $114,93 at the New York Mercantile Exchange on Wednesday. In electronic trading after Wednesday’s session, the price crossed $115 for the first time.