News
Tuesday, May 06, 2008
Oil price crosses $120 a barrel for first time
NEW YORK: Oil prices crossed $120 a barrel in New York Monday following fresh unrest in Nigeria, Africa’s largest oil producer, and rising tensions between the West and Iran. New York’s main oil futures contract, light sweet crude for June delivery, briefly hit $120.20, before slipping back to $120, a gain of $3.68 from the closing price on Friday. In London, Brent crude for June delivery hit an intraday record high of $118.50. It later traded up $3.24 at 117.80. Trading volume in London was light as Britain marked a bank holiday.
Courtesy Daily Times