Oil price hits another record near 125 dollars
AFP, May, 2008
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LONDON (AFP) — World oil prices hit a fresh record high point close to 125 dollars per barrel on Friday, extending this week's record run after OPEC insisted the market was well-supplied and driven by speculators.
New York's main oil futures contract, light sweet crude for June delivery, spiked to a historic 124.73 dollars per barrel at 0600 GMT in European deals.
But it eased later to 124.24 dollars, a rise of 55 cents from the closing price in New York on Thursday.
London's Brent crude contract had hit an all-time pinnacle of 124.25 dollars in earlier Asian trading, but was later at 123.68 dollars for a gain of 84 cents from the close on Thursday.
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"The oil market is so overwhelmingly bullish at this point ... it is looking at the 125-dollar mark as its next target," said Victor Shum, ...
