Crude oil gets out of reach as prices hit new record
17 Jun '08
1 min read
US light crude touched US $139.89 a barrel today, exceeding the previous record of $139.12 hit on June 6.
The prices fell by 25 cents to $134.61 at the end of New York trade. Saudi Arabia has expressed the desire to boost production by 200,000 barrels a day in the coming month to help meet the growing world demand for the commodity.
If the plan materializes, the total production would rise by 6 percent to touch 550,000 barrels a day and would take Saudi Arabia's output to its highest monthly rate since 1981.
Even in May, the country, having a reputation for being a dependable source for extracting more crude oil increased its production by 300,000 barrels a day.
Experts believe that high crude oil prices are an outcome of speculation rather than a shortage in supply. In fact, the market seems to get going along with these changing trends and the prices are expected to jump as high as $200 a barrel in the next eighteen months.
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