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World oil near record highs in Asian trade
uusjio | May 6, 2008 at 08:55 pmby
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Singapore (ANTARA News) - World oil traded near record highs at just below $122 on Wednesday on concerns over supply in key producer Nigeria and a weaker U.S. dollar.
New York's main oil futures contract, light sweet crude for June delivery, was 9 cents lower at $121.75 in Asian trade, Thomson Financial reported.
The contract closed on the New York Mercantile Exchange Tuesday at a record $121.84 after it leapt as high as $122.73 per barrel, an all-time intraday high.
London's Brent North Sea crude for June also reached a new peak at $120.99 a barrel on Tuesday. It then slipped back to settle at a high of $120.31 for a gain of $2.32.
Runaway oil prices have almost doubled in the past year and have surged by more than $20 since the start of 2008. (*) end