Oil prices top 147 per barrel
July 16th, 2008 | by mantrionline |OIL prices rocketed to record highs above 147 per barrel on Friday as traders seized on the weak US currency and tensions over Iran and Nigeria at the end of a volatile trading week.
London’s Brent North Sea oil for August delivery jumped as high as 147.50 to beat the previous record of 146.69, set on July 3.
New York’s main oil contract, light sweet crude for August, also topped 147 for the first time to reach a historic 147.21.
Oil prices swept back into record territory after the European single currency leapt as high as 1.59 – not far off the historic peak of 1.60 that was hit on April 22.
The weak dollar boosted demand for dollar-priced oil, which becomes cheaper for buyers using stronger currencies, analysts said.
