Thursday, May 15, 2008

Oil hits record US$120.93 on fear of tight supply, weaker U.S. dollar (Oil-Prices)

VIENNA, Austria _ Oil futures rose to an all-time high near US$121 a barrel Tuesday with new concerns about a threat to supply and a weaker dollar.The surge in oil prices was also fuelled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.Light, sweet crude for June delivery rose to a record US$120.93 a barrel in electronic trading on the New York Mercantile Exchange on