Sunday, May 25, 2008

Oil crosses US$129 for first time ever, heads for US$130 (Oil-Prices)

VIENNA, Austria _ Oil prices spiked a new trading high Tuesday, sweeping past US$129 a barrel as supply concerns intensified the momentum buying that has lifted crude deeper into record territory.The June contract for light, sweet crude traded as high as $129.31 in electronic pre-opening trading on the New York Mercantile Exchange before settling back to $128.75, up $1.70.Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC`s president was quoted as say