Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
Oil prices shoot over US$122on supply concerns
Adjust font size:

Oil futures hit a new record high of over 122 U.S. dollars a barrel Tuesday due to predictions of future price hike and the continuing concerns on supply shortage.

Light, sweet crude oil for June delivery surged to a all-time record high of 122.73 dollars a barrel, before falling back to settle at 121.84 dollars with 1.87 dollars up on the New York Mercantile Exchange.

The Supply shortages will probably send oil price to between 150 dollars and 200 dollars a barrel within next six months to two years, said a report released by Goldman Sachs on Monday. The prediction seemed to have motivated most of Tuesday's buying of oil.

Concerns on supply shortfall in major oil exporters like Nigeria, Iraq, Mexico and Russia also contributed to the lift of crude futures.

The U.S. Energy Department raised its forecasts for oil and gas. But higher energy prices will cut demand more than previously thought, it warned.

In London, Brent North Sea crude for June delivery rose 2.34 to settle at 117.99 dollars.

(Xinhua News Agency May 7, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- Reformers battle global oil price tide
- Surging oil price adds inflation pressures
- High oil price spurs yuan rise
- Oil price manipulation cases uncovered
- China underlines stable market prices following oil price hikes
Most Viewed >>
- Chinese firms triumph in US battery suit
- Most of world's top companies invest in China
- Hint of new measures to prevent overheating
- New energy vehicles set to roll out
- Asian countries agree on regional foreign reserve swap
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?