Monday, April 28, 2008

Oil strikes new record near $120 on supply fears

PERTH (Reuters) - Oil struck a record high at $119.93 a barrel on Monday, extending the previous session's rally, as a strike closed a major British oil pipeline and as fresh violence in Nigeria reignited supply fears.

Simmering geopolitical tensions between the United States and Iran also helped boost oil prices.

U.S. light crude for June delivery rose 81 cents to $119.33 by 2249 GMT, after striking a lifetime high of $119.93 a barrel at the start of Globex electronic trade.

U.S. oil settled $2.46 higher at $118.52 a barrel on Friday.

No comments: