New York's main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals. Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars. 'Oil futures made new record highs as the market continues to benefit from the weakening dollar, however, the market has retreated since making fresh highs amid profit taking,' said Sucden analyst Nimit Khamar."
Wednesday, February 27, 2008
Crude oil prices set record high 102.08 dollars per barrel
Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before OPEC's crude production meeting next week, analysts said.
New York's main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals. Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars. 'Oil futures made new record highs as the market continues to benefit from the weakening dollar, however, the market has retreated since making fresh highs amid profit taking,' said Sucden analyst Nimit Khamar."
New York's main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals. Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars. 'Oil futures made new record highs as the market continues to benefit from the weakening dollar, however, the market has retreated since making fresh highs amid profit taking,' said Sucden analyst Nimit Khamar."
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