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Oil prices hit another record as demand fails to weaken

22
May '08
Oil prices maintain its record of breaking records every day as it touched US $135 a barrel today. Rising global demand for the commodity coupled with plunging dollar is keeping crude futures in an upward trend.

Demand especially from the developing Asian countries is on the rise while there has been a cut in supplies due to problems faced by producing countries like Nigeria.

Light, sweet crude for July delivery was up $1.41 at $134.58 a barrel in electronic trade on the New York Mercantile Exchange.

The contract had earlier hit a trading record of $135.04 a barrel, after rising $4.19 in the floor session Wednesday to settle at $133.17

Prices of crude has been boosted in recent days largely because of robust demand for diesel in China where power plants in some areas are running short of coal while certain earthquake hit regions are depending on diesel generators for power.

On the other hand, crude inventories of the US fell by over 5 million barrels last week.

Brent crude for July rose by $1.59 to $134.29 a barrel on the ICE Futures exchange in London.


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