Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 5, 2008 6:06:05 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Oil Tops $130

Posted May 21, 08 8:30 AM CDT in Business 

(Newser) – Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled over the past year.

One commodity strategist said the dollar had receded as an issue over the last few days, but it's back. “It looked like it was starting to recover, but I think there's a less certain outlook at the minute and... enough reason to be buying commodities as a currency hedge again.”

Source Associated Press

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Oil Breaks Record, Climbs Above $141

    Jun 27, 08 7:27 AM CDT
    Oil Breaks Record, Climbs Above $141 Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production. More »

  • Feds Hunt for Scams in Crude Oil Trading

    May 30, 08 7:55 AM CDT
    Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be falsely reporting supplies. More »

  • Congress Turns on Speculators in Oil Bubble

    May 15, 08 7:22 PM CDT
    Congress Turns on Speculators in Oil Bubble It’s not OPEC pulling oil prices to ever greater-heights—it’s speculators. That’s the theory behind the Consumer-First Energy Act, a bill sponsored by Senate Democrats aimed at clamping down on runaway oil futures trading. As stocks fall, investors are fleeing to commodities, especially oil. But even the US government might not have the power to rein in the market, BusinessWeek reports. More »

  • 'Super-Spike' Could Drive Oil to $200

    May 7, 08 8:35 AM CDT
    'Super-Spike' Could Drive Oil to $200 A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the Wall Street Journal. Crude sold for a record $121.84 yesterday, up 96% from a year ago. More »

  • Oil Tops Record High $113

    Apr 15, 08 6:44 AM CDT
    Oil Tops Record High $113 Crude oil hit a new record high in trading today—$113.66 a barrel—as weary investors attempted to hedge against a tumbling dollar and oil shipments were disrupted around the world. Though the dollar is the main concern, supply problems, including OPEC's decision not to change its 2008 outlook and the closure of a top Mexican export terminal, didn't help, the AFP reports. More »

In this Tuesday, March 4, 2008 file photo, a man works through a dust storm on a new oil well being drilled in the Sakhir desert, Bahrain.   (AP Photo/Hasan Jamali, File)
An electronic sign shows the trading range and other statistics for crude oil options at the New York Mercantile Exchange, May 20, 2008.   (AP Photo/Henny Ray Abrams)
In this Friday, March 21, 2008 file photo, a Saudi Arabian man fills his vehicle's tank at a gas station in Riyadh, Saudi Arabia.   (AP Photo/Hasan Jamali, File)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 3)

Tags

oil price  • oil  • US dollar  • crude oil  • New York Mercantile Exchange  • futures market


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »