praveen
23-04-2008, 05:46 AM
Crude oil futures popped to a fresh record Tuesday as supply threats gathered and the dollar tumbled against the euro.
Light, sweet crude for May delivery rose to a new trading record of $119.90 a barrel before retreating to trade up $1.70 at $119.18 on the New York Mercantile Exchange. The May contract expires on Tuesday. More active June Nymex crude was trading at $118.50 a barrel, up $1.87.
June Brent crude on the ICE futures exchange was also up $1.62 to $116.05 a barrel, after climbing to a record high $116.75 a barrel.
Crude production in Nigeria, already running below capacity because of security problems, was buffeted again after rebels hit two oil pipelines there Monday. Royal Dutch Shell PLC has been unable to gain access to the pipelines, which feed into a key export terminal, a spokesman said.
Light, sweet crude for May delivery rose to a new trading record of $119.90 a barrel before retreating to trade up $1.70 at $119.18 on the New York Mercantile Exchange. The May contract expires on Tuesday. More active June Nymex crude was trading at $118.50 a barrel, up $1.87.
June Brent crude on the ICE futures exchange was also up $1.62 to $116.05 a barrel, after climbing to a record high $116.75 a barrel.
Crude production in Nigeria, already running below capacity because of security problems, was buffeted again after rebels hit two oil pipelines there Monday. Royal Dutch Shell PLC has been unable to gain access to the pipelines, which feed into a key export terminal, a spokesman said.