Oil price reaches new record above 120 dollars
World oil reached a new record price above 120 dollars a barrel on Tuesday as concerns over the United States economy eased, analysts said.
New York's main oil futures contract, light sweet crude for June delivery, reached an all-time high in electronic trade of 120.23 dollars a barrel, breaking the last record of 120.20 dollars reached during intraday trade on Monday.
After breaking the symbolic 120-dollar ceiling for the first time, the contract was trading on Tuesday in Asia at 120.15 dollars a barrel against a record closing price of 119.97 dollars reached Monday on the New York Mercantile Exchange.
In London on Monday, Brent North Sea crude for June delivery hit an intraday record high of 118.58 dollars before settling up 3.43 dollars at a record 117.99 dollars.
Trading volume in London was light as Britain marked a bank holiday.
Oil futures prices on both sides of the Atlantic have nearly doubled in a year.
New York's main oil futures contract, light sweet crude for June delivery, reached an all-time high in electronic trade of 120.23 dollars a barrel, breaking the last record of 120.20 dollars reached during intraday trade on Monday.
After breaking the symbolic 120-dollar ceiling for the first time, the contract was trading on Tuesday in Asia at 120.15 dollars a barrel against a record closing price of 119.97 dollars reached Monday on the New York Mercantile Exchange.
In London on Monday, Brent North Sea crude for June delivery hit an intraday record high of 118.58 dollars before settling up 3.43 dollars at a record 117.99 dollars.
Trading volume in London was light as Britain marked a bank holiday.
Oil futures prices on both sides of the Atlantic have nearly doubled in a year.
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