Oil surpasses $125 per barrel ahead of US driving season
Posted on May 9, 2008 by John
Oil prices surged past $125 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities.
Light, sweet crude for June delivery rose as high as $125.12 a barrel in electronic trading on the New York Mercantile Exchange at midday before falling back to $124.86 by early afternoon in Europe.
On Thursday, the contract rose to a record close of $123.69 a barrel.
In London, Brent crude contracts also hit record highs before slipping and traded up $1.13 on the day at $123.97 a barrel on the ICE Futures exchange. Earlier Friday, Brent had reached $124.25 before falling back.
Filed under: Business | Tagged: Business, CBOT, gas, gasoline, jew, oil, OPEC, petroleum, Wall Street Journal
