Mon | Nov 29, 2021

Oil price surges

Published:Tuesday | May 6, 2008 | 2:20 PM

The price of a barrel of oil rose above US$120.00 for the first time yesterday.

US light sweet crude rose to a record of US$120.36 a barrel in morning trading yesterday in New York.

It fell back close to US$119.97 when business closed yesterday.

Another factor pushing up the oil price has been the US dollar\'s weakness as investors opt to back commodities.

Since the beginning of the year, oil has hit a string of new highs.

This has led to gas and petrol prices reaching unprecedented levels, in many parts of the world.