WORLD> America
|
WORLD> America
|
|
Oil prices pass $143 a barrel
(Agencies)
Updated: 2008-07-01 00:00 Oil prices surged above $143 a barrel for the first time ever Monday, as a weaker dollar spurred investors to seek refuge in dollar-denominated oil futures to hedge against inflation.
"The main factors behind the rise today are the US dollar remains fragile and geopolitical tensions, particularly surrounding Iran," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. "That's unsettling for the oil market." The European Central Bank may raise interest rates at its next meeting on Thursday, a move that would help strengthen the euro against the dollar, Moore said. Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe. On Friday, crude futures spiked to a record $142.99 a barrel in New York before closing at $140.21. In London, Brent crude futures rose $2.87 to $143.18 a barrel on the ICE Futures exchange in London. |
