Crude oil prices have touched new highs closing at a record US$127 a barrel, despites news of higher output from Saudi Arabia. Crude futures are being supported by supply disruptions in oil-producing nations, particularly Nigeria, robust demand from China ahead of the Summer Olympics and a weak US dollar which makes dollar-priced oil relatively cheaper for buyers using other currencies.
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Thursday, May 22, 2008
Oil prices move up as they touch US$127 per barrel
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