Oil hits record high 126.40 dollars

LONDON (AFP) – The price of crude oil struck a record high 126.40 dollars a barrel on Monday amid tensions in the Middle East and ongoing supply fears in Nigeria, traders said.

New York crude beat its all-time peak of 126.27 dollars, reached last Friday.


Later Monday, New York’s main oil futures contract, light sweet crude for June delivery, stood at 125.48 dollars per barrel, down 48 cents from Friday’s close as profit-taking set in.

On Monday, London’s Brent crude contract for June delivery dropped by 1.23 dollars to 124.17 dollars. It had set a historic peak of 125.90 dollars per barrel on Friday.

“The bullish tone in the oil market persists with geopolitical factors supporting,” Bank of Ireland analyst Paul Harris said on Monday.

“Fresh air strikes by Turkey in northern Iraq and continued civil unrest in Lebanon helps to maintain the focus upon supply issues.”

AFP