Friday May 9, 09:40 AM
Oil rises to record close to $125 as funds rush in
LONDON (Thomson Financial) - Oil rose to a series of records highs, hitting almost $125 at one point, as peak prices attracted a rush of fund investment.
Investment demand surged as oil prices have risen above many analysts'
expectations while the fundamental supply/demand balance has underpinned the recent five week rally.
'The oil price appears to have some momentum of its own, with the rising oil price potentially attracting investor interest and leading to analysts, ourselves included, to revise higher their oil price forecasts,' said Commonwealth Bank of Australia (Munich: 882695 - news) analysts.
At 9:23 a.m., New York-traded West Texas Intermediate crude for June delivery was up 54 cents to $124.23 a barrel, having earlier hit a record high of $124.73 a barrel.
In London, Brent crude for June delivery was up 68 cents to $123.52 a barrel.
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