Oil approaching $128 a barrel
- added May 16, 2008
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- merasyad
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Oil prices have hit a record high approaching $128 a barrel on speculation that China will need to import more fuel, stretching supplies.
With more energy needed to rebuild areas devastated by the earthquake this week, US light sweet crude hit $127.82 a barrel before falling to $126.29.
Prices were also supported by Goldman Sachs forecasting that oil would reach $141 a barrel later this year.
London Brent crude also rose, touching $125.82 a barrel before also slipping.
Prices have risen by about 25% since the beginning of the year, lifted by geopolitical worries and the weakening US dollar, which makes oil cheaper for foreign buyers.
At the same time demand from fast-growing Asian economies, notably China, has exacerbated price pressures.
With more energy needed to rebuild areas devastated by the earthquake this week, US light sweet crude hit $127.82 a barrel before falling to $126.29.
Prices were also supported by Goldman Sachs forecasting that oil would reach $141 a barrel later this year.
London Brent crude also rose, touching $125.82 a barrel before also slipping.
Prices have risen by about 25% since the beginning of the year, lifted by geopolitical worries and the weakening US dollar, which makes oil cheaper for foreign buyers.
At the same time demand from fast-growing Asian economies, notably China, has exacerbated price pressures.
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