Thursday, May 8, 2008

Oil soars to record high at USD 123.53 a barrel

Oil prices soared to a new record on Wednesday (May 7) on worries over supply disruptions.

Light sweet crude for June delivery rose USD 1.69 to settle at a record USD 123.53 a barrel on the New York Mercantile Exchange (NYMEX).

June gasoline futures rose 1.27 cents to settle at USD 3.1182 a gallon. The retail gas prices rose 0.8 cent overnight to USD 3.618 a gallon.

June heating oil futures rose 9.38 cents to settle at USD 3.4473 a gallon at the NYMEX.

In London, June Brent crude futures rose USD 2.01 to settle at USD 122.32 a barrel on the ICE Futures exchange.

June natural gas futures rose 17.7 cents to settle at USD 11.327 per 1,000 cubic feet.

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