praveen
16-04-2008, 06:27 AM
The price of New York crude oil surged on Tuesday to a new record high of 113.93 dollars a barrel, boosted by a weak US currency and tightening energy supplies, traders said.
Market participants also digested news that the crude-producing cartel OPEC left unchanged its 2008 estimate of growth in world oil demand.
Later Tuesday, New York's main oil contract, light sweet crude for delivery in May, stood at $113.47 a barrel, up $1.71 from Monday's finish.
London's Brent North Sea crude for May struck its own record high of $112.08 a barrel on Tuesday. The contract, which expires at the close, later stood at $111.58, up $1.74. "The main reason for the rally is the dollar... but we also have some problems with supply," said CMC Markets trader Nas Nijjar.
Market participants also digested news that the crude-producing cartel OPEC left unchanged its 2008 estimate of growth in world oil demand.
Later Tuesday, New York's main oil contract, light sweet crude for delivery in May, stood at $113.47 a barrel, up $1.71 from Monday's finish.
London's Brent North Sea crude for May struck its own record high of $112.08 a barrel on Tuesday. The contract, which expires at the close, later stood at $111.58, up $1.74. "The main reason for the rally is the dollar... but we also have some problems with supply," said CMC Markets trader Nas Nijjar.