Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Oil prices hit new high despite rising U.S. inventories, stronger dollar
+ -
08:27, May 08, 2008

 Related News
 Oil prices shoot over 122 dollars on supply concerns
 Crude-oil futures close down nearly 3% on economic concerns
 Fuel oil futures surge
 Crude oil futures fall sharply
 HK party seeks oil futures market
 Comment  Tell A Friend
 Print Format  Save Article
Oil futures surged to break 123 U.S. dollars a barrel Wednesday, despite bearish data on U.S. crude inventories and stronger dollar against major currencies.

Light, sweet crude for June delivery hit a all-time peak of 123.80 dollars a barrel on the New York Mercantile Exchange before falling slightly to settle at 123.53 dollars, trading up 1.69 dollars.

The U.S. Energy Department's weekly report shows that oil supplies increased 5.65 million barrels to 325.6 million barrels last week, much more than analysts previously predicted. Gasoline supplies also rose against analysts' forecast of decline.

The market, however, seemed to focus more on the supply falls of distillate fuels, which include diesel and heating oil, revealed in the report. The market did not react to a stronger dollar either, which was higher against Euro.

The rally of oil prices fresh highs came a day after investment bank Goldman Sachs predicted that oil will reach 200 dollars in two years. And concerns on supplies in world's major oil exporters continued to linger.

In London, Brent crude futures for June delivery also set a new record of 122.32 dollars a barrel, 4.33 dollars up.


  Your Message:   Most Commented:
Chinese netizen discussion of"boycott on French goods"
Miley Cyrus' sexy photos cause controversy
What is Nancy Pelosi really up to?
Dalai's brag about "peace", "non-violence" is nothing but lie
FM: China strongly denounces CNN host's insulting words

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved