Oil soars to new record over $135
Pastor Dale Morgan
*Oil soars to new record over $135*
Oil prices have risen more than 40% so far this year
BBC - Oil prices surged to a record high above $135 a barrel early on
Thursday, having rocketed more than $4 a barrel on Wednesday.
Light, sweet crude for July delivery reached $135.04, taking its gain
for the year so far above 40%.
The main driver was the weekly US crude stocks figure, which showed a
5.4 million barrel fall, when a small increase had been expected.
The continuing weakness of the US dollar also supported prices.
The US Energy Information Administration blamed the fall in its stocks
figure on a fall in imports and a pick-up in demand from refineries.
Oil prices have set new records in 10 of the last 14 trading sessions.
"You really cannot forecast how much further the market will rally now,"
said Tatsuo Kageyama from Kanetsu Asset Management in Tokyo.
"All I can say is the market will continue to rise."