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Home / Knowledge / News / Textiles / Oil prices seem to create a new record every day
Oil prices seem to create a new record every day
09
May '08
Oil prices touched a historic high of US $125 a barrel today as the dollar continued to depreciate. Light sweet crude oil for June delivery rose as high as $125.12 a barrel on the New York Mercantile Exchange before falling down to $124.86 in the afternoon.

The contract rose to a record close of $123.69 a barrel on Thursday. Even Brent crude hit a record with $123.97 a barrel on ICE Futures exchange trading up by $1.13.

For investors commodities like oil is a hedge against inflation and experts believe that the key reason behind rapidly increasing oil prices is weakening dollar which makes it cheaper for overseas investors.

Strong demand for oil from developing countries like India and China have also played a major role in spurring the prices of the commodity and tightening its supply.

However, many oil and gas industry executives believe that prices for crude oil are likely to fall as low as below $100 a barrel by the end of this year.


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