Oil price hits record high 115.54 dollars

LONDON (AFP) – The price of New York oil hit a record high 115.54 dollars per barrel on Thursday, boosted by falling US energy reserves and a weak dollar which attracts investors into commodities, analysts said.

New York’s main oil futures contract, light sweet crude for delivery in May, later stood at 115.23 dollars, up 30 cents from Wednesday’s close.


At the same time, Brent North Sea crude for June delivery soared to a historic peak of 113.38 dollars on Thursday. It later stood at 113.08 dollars, up 42 cents from Wednesday.

“Crude futures were … still supported by last night’s (US oil stockpile) figures and with the dollar still holding near all time lows against the euro,” said Sucden analyst Andrey Kryuchenkov in London.

“Overall, it is quite clear that investors are not prepared to liquidate oil futures at the moment, with strong fund and speculator interest as they seek better returns in commodities.

“Just as before, the weakness in the US dollar theme dominates most markets at the moment,” he added.

AFP