Oil Breaks Through $130 a Barrel
Associated Press
2008-05-21 09:00:00.0
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Crude oil gushed into record territory again Wednesday in Asian trading, breaking above $130 a barrel for the first time.
Analysts say persistent supply concerns and a weaker dollar continue to push crude futures.
The July contract for light, sweet crude rose as high as $130.30 in electronic trade on the New York Mercantile Exchange by late afternoon in Singapore.
Concerns that OPEC won't increase its crude production before September fed some of the buying. Also, the dollar has been weakening against the euro and yen the last two days after appearing to be on a recovery track.
Oil futures are now selling for about twice what they were just a year ago.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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