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Oil rises to $130 on demand worries



  3. merasyad
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Crude-oil futures reached a new record high Tuesday as continued concerns over the balance of supply and demand and a forecast of $150 by the year's end from Texas oil man T. Boone Pickens helped to extend a winning streak in prices that have already climbed almost 3% in two sessions.

Crude for June delivery climbed as high as $129.45 a barrel on the New York Mercantile Exchange. It was last up $2.10 at $129.15. Prices reached an all-time high of $129.58 in electronic trading.

The June crude contract expires at the end of trading Tuesday. Contract expiration often adds volatility to the market and exaggerates the moves in prices.

The U.S. price for a gallon of regular gasoline climbed to another record of $3.80 Tuesday, according to AAA's Daily Fuel Gauge Report. That's up 8.9% from a month ago, and 19% above the year-ago price.
merasyad

2 responses // Oil rises to $130 on demand worries

  • And people still won't admit that we're in the peak production of oil.

    It's gonna keep going up guys. Start investing in alternate energy sources, you know like Carter said we should have done back in the seventies.
    Saladin
  • I told friends last November that we were going to see $150 oil by the end of '08 and they responded as if I had lost it... maybe I did because industry analysts are forecasting $200 and greater. So I guess was off...
    common_sense_allowed

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