The Raw Story | Oil prices gush to new highs
Oil prices struck double-barreled highs on Monday on concerns about dollar weakness and tight supplies as speculators bet on the market rally to go higher, traders said.
Both the New York and London benchmark contracts smashed intraday and closing records as US President George W. Bush’s administration signaled that Vice President Dick Cheney personally would urge OPEC kingpin Saudi Arabia to convince the cartel to boost output.
New York’s main contract, light sweet crude for April delivery, soared over 107 dollars a barrel for the first time and then crossed 108 dollars, striking an all-time high of 108.21 dollars.
The New York benchmark contract also set a new closing record, up 2.75 dollars at 107.90 dollars, pulverizing its prior record close of 105.47 dollars on Thursday.