Oil price record triggers

Oil prices could hit $125 a barrel over the coming weeks amid fears of supply shortages and a continued fall in the value of the dollar, one leading investor said last night. The soaring price of crude, which reached another new record of $115 yesterday, has triggered a buyout scramble in the sector with oil services specialist, Expro International, announcing a


Profit-taking later saw oil prices fall by a dollar to $114.53, but Pickens said the trend was for crude to go higher. “It will go up,” he said.

The price of Brent crude rose for the third day as traders responded to reports from the US suggesting that low stocks of gasoline could affect the “summer driving season”. Hedge funds have also been heavy buyers of oil and other commodities in response to the dollar’s continued weakness on the foreign exchanges.

Guardian