World oil prices strike fresh record
uusjio | May 8, 2008 at 05:16 pmby
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Singapore (ANTARA News) - World oil prices continued their record-breaking run on Thursday, reaching a fresh intra-day peak near $124 a barrel despite a larger-than-expected rise in U.S. crude stocks.
The record of $123.87 reached by New York's main oil futures contract, light sweet crude for June delivery, slightly exceeded the previous intra-day high of $123.80 reached Wednesday in U.S. trading.
The contract later was a penny higher at $123.54 in Asian afternoon trade from its record close of $123.53 in New York.
Brent North Sea crude for June delivery was 11 cents higher at $122.43 a barrel.
In London on Wednesday the contract touched an all-time peak of $122.70, before settling up $2.01 at $122.32.
Oil prices have crashed through records every day this week, jumping at least $7.
"Right now the market is trading by momentum as market participants tend to selectively focus on bullish news," said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore.
"Heady prices point to a significant risk of a correction," he told AFP
Some economists fear that surging oil prices could crimp U.S. economic growth, and Wall Street tumbled on Wednesday after the latest spike in oil prices. (*) end
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