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Crude oil prices on new highs
03
Jul '08
Oil prices crossed US $145 a barrel for the first time today as Brent North Sea crude for August delivery stood at $145.01 dollars in Asian trade.

The contract surged by about 75 cents from the previous day's record of $144.26 in London when the contract surged through $144 for the first time.

Light sweet crude for August delivery stood 70 cents higher at $144.27 a barrel compared to its record close of $143.57 on New York Mercantile Exchange yesterday.

Familiar reasons like weaker dollar and drop in stockpiles of US crude by 2.0 million barrels have been highlighted again as major reasons for thrusting oil prices so high.

In past one year, international crude oil prices have nearly doubled and have risen by as much as 45 percent in the beginning of 2008 alone, when they crossed $100 mark for the first time leading to inflation and sluggish economic growth and followed by protests world-wide.

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