praveen
09-05-2008, 07:18 AM
Crude oil traded near new all-time highs above 124 dollars on Friday after the OPEC cartel insisted the market is well-supplied and being driven by speculators.
New York's main oil futures contract, light sweet crude for June delivery, rose 61 cents to 124.30 dollars a barrel in Asian trade after closing at a record 123.69 dollars on Thursday at the New York Mercantile Exchange.
In after-hours deals, the New York futures contract soared to an all-time high of 124.57 dollars.
Brent North Sea crude for June delivery was 64 cents higher at 123.48 dollars a barrel.
In London on Thursday the contract crossed 123 dollars for the first time and jumped to a new intraday peak of 123.87 dollars before settling at a record 122.84 dollars.
OPEC Secretary General Abdalla Salem El-Badri said on Thursday that there was no shortage of crude oil, brushing aside US calls for higher output to dampen runaway prices.
New York's main oil futures contract, light sweet crude for June delivery, rose 61 cents to 124.30 dollars a barrel in Asian trade after closing at a record 123.69 dollars on Thursday at the New York Mercantile Exchange.
In after-hours deals, the New York futures contract soared to an all-time high of 124.57 dollars.
Brent North Sea crude for June delivery was 64 cents higher at 123.48 dollars a barrel.
In London on Thursday the contract crossed 123 dollars for the first time and jumped to a new intraday peak of 123.87 dollars before settling at a record 122.84 dollars.
OPEC Secretary General Abdalla Salem El-Badri said on Thursday that there was no shortage of crude oil, brushing aside US calls for higher output to dampen runaway prices.