Oil trades higher, above $140

sarwesh · 07-01-2008, 01:23 PM

Oil prices rose again on Tuesday, trading above $140 after a weaker US dollar and world political tensions pushed them to record highs, analysts said.

New York's main oil futures contract, light sweet crude for August delivery, traded 55 cents higher at USD 140.55 a barrel after touching a record USD 143.67 in volatile trade yesterday at the New York Mercantile Exchange.

The contract closed down 21 cents at USD 140.00 in New York.

Brent North Sea crude for August delivery reached a historic peak of USD 143.91 a barrel before settling down
48 cents at USD 139.83 yesterday in London.

Global oil prices have doubled in the past year and have continued to soar since they breached USD 100 for the
first time at the start of this year, triggering fears over inflation and slower economic growth.

07-01-2008, 01:23 PM	#1 (permalink)
sarwesh Status: Senior Member Join Date: Jun 2008 Posts: 420	Oil trades higher, above $140 Oil prices rose again on Tuesday, trading above $140 after a weaker US dollar and world political tensions pushed them to record highs, analysts said. New York's main oil futures contract, light sweet crude for August delivery, traded 55 cents higher at USD 140.55 a barrel after touching a record USD 143.67 in volatile trade yesterday at the New York Mercantile Exchange. The contract closed down 21 cents at USD 140.00 in New York. Brent North Sea crude for August delivery reached a historic peak of USD 143.91 a barrel before settling down 48 cents at USD 139.83 yesterday in London. Global oil prices have doubled in the past year and have continued to soar since they breached USD 100 for the first time at the start of this year, triggering fears over inflation and slower economic growth.

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