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.

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