Oil Prices Hit Another All time
High Posted: 30 Jun 2008
The benchmark crude oil futures price in New York topped $143 per barrel for the first time Monday on investor jitters about tightening supplies stemming from geopolitical concerns. The August futures contract for West Texas Intermediate crude oil logged $143.67 during off-hours trading prior to the start of the regular session on the New York Mercantile Exchange, surpassing the previous high of $142.99 posted Friday. Media reports about an attack on oil-related facilities by rebels in Nigeria fueled concerns about a possible supply shortage, prompting the bellwether crude oil futures to shoot up, analysts said. They also attributed the rise in oil prices to speculation that the U.S. dollar will continue to fall against other key currencies such as the euro by an interest rate hike by the European Central Bank in the foreseeable future.