Oil Hits New High, Again
Posted on May 22, 2008
The price of a barrel of crude oil has doubled over the last year, reaching a record $135 on Thursday. With dwindling supplies and a weak dollar, analysts expect the price to go up for some time.
The price of oil hit a record high above $135 a barrel on Thursday - more than twice what it cost a year ago.
The latest surge was driven by data showing that US supplies of crude had fallen - but the price later fell back sharply as traders took profts.
In the US, the benchmark light, sweet crude contract hit $135.09, taking its gain for the year to more than 40%. In May 2007 it was priced at about $65.