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Crude oil price hits another record
07 Jun '08
1 min read
Global crude oil prices are predicted to touch US $150 by the first week of July and this might as well prove itself to be true since prices have already touched $139 on June 6 breaking all the past records.
Prices soared by more than eight percent in a single day and were driven by heightened tension in the Middle East region. This abrupt rise has raised the likelihood of further acceleration of inflation which is even now bringing turmoil in the transportation sector.
Light, sweet crude for July delivery mounted as high as $139.12 on the Nymex, before easing slightly to settle at $138.54, up $10.75. Prices hit a previous record of $135.09 a barrel on May 22, and settled Thursday at $127.79.
Brent crude on the ICE futures exchange also settled $10.15 higher at a record $137.69 a barrel, after hitting an all-time high of $138.12 a barrel.
Prices soared by more than eight percent in a single day and were driven by heightened tension in the Middle East region. This abrupt rise has raised the likelihood of further acceleration of inflation which is even now bringing turmoil in the transportation sector.
Light, sweet crude for July delivery mounted as high as $139.12 on the Nymex, before easing slightly to settle at $138.54, up $10.75. Prices hit a previous record of $135.09 a barrel on May 22, and settled Thursday at $127.79.
Brent crude on the ICE futures exchange also settled $10.15 higher at a record $137.69 a barrel, after hitting an all-time high of $138.12 a barrel.
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