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2008-05-06

Oil spikes to a new record above $120

World oil reached a new record price above USD 120 a barrel onTuesday as concerns over the United States Economy eased, analysts said.


New York’s main oil futures contract, light sweet crude for June delivery, reached an all-time high in electronic trade of USD 120.3 a barrel, breaking the last record of USD 120.20 reached during intraday trade on Monday.


After breaking the symbolic USD 120 ceiling for the first time, the contract was trading today in Asia at USD 120.15 a barrel against a record closing price of USD 119.97 reached yesterday on the New York Mercantile Exchange.


In London, Brent North Sea crude for June delivery hit an intraday record high of USD 118.58 before settling up USD 3.43 at a record USD 117.99.


Trading volume in London was light as Britain marked a bank holiday.


Oil futures prices on both sides of the Atlantic have nearly doubled in a year.

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Disclaimer

Ours is an advisory role. The final decision and consequences based on our Information is solely yours. Moreover, in keeping with regulatory guidelines, we do not guarantee any returns on investments. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.