Oil price at new record high 06/05/2008 - 08:53:50
Crude oil reached a new high above the US$120 US dollars a barrel mark today amid global supply concerns and a weakening dollar.
Light, sweet crude for June delivery reached $120.36 in electronic trading on the New York Mercantile Exchange.
Prices first broke through the $120 mark yesterday before settling slightly lower, but they renewed their push today.
Threats to supply have emerged from Iraq and Nigeria, and a weaker dollar against the euro and yen has tempted investors back to commodities such as oil as a hedge against inflation.
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Crude oil reached a new high above the US$120 US dollars a barrel mark today amid global supply concerns and a weakening dollar.
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