Friday May 9, 06:59 AM
Crude oil strikes record high price in Asian trade
SINGAPORE (Thomson Financial) - Crude oil struck a new record high price during trading in Asian hours on Friday.
New York's main oil futures contract, light sweet crude for June delivery, reached a record of $124.70 a barrel and was later trading at $124.55 a barrel.
The benchmark contract closed at a record $123.69 on Thursday at the New York Mercantile Exchange and then soared in after-hours deals to the previous all-time high of 124.57 dollars.
Brent North Sea crude for June delivery was 85 cents higher at $123.69 a barrel.
In London on Thursday the contract crossed $123 for the first time and jumped to a new intraday peak of $123.87 before settling at a record $122.84.
Oil prices have smashed one record after another in recent days, driven by a variety of factors including an influx of investor funds, analysts say.
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