Markets
Oil approaches $125 per barrel
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Posted 09 May 2008 @ 06:13 pm HKT
Oil prices struck record highs near $125 as investors dumped more money into commodities.
( AP Photo/ Binsar Bakkara)
High gas prices aid prop-plane comebackLight, sweet crude for June delivery rose $1.24 Friday to $124.93 a barrel in electronic trading on the New York Mercantile Exchange near midday in Europe. On Thursday, the contract had risen to a record close of $123.69 a barrel.
In London, Brent crude contracts are also at record highs, up $1.26 to $124.10 a barrel on the ICE Futures exchange.
A decision by the European Central Bank to keep interest rates on hold has helped strengthen the euro against the U.S. currency. The euro is now trading at $1.5466.
A prediction by analysts at Goldman Sachs seeing oil rising as high as $150 to $200 a barrel within two years also has boosted prices.
Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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