Saturday, May 17, 2008

Oil Hits Record $128

Oil Hits New Record
World oil prices jumped to a fresh record of almost $128 a barrel today on the back of a weaker dollar, fears over a shortage of diesel and a bullish price prediction from Goldman Sachs. A sharp rise in the value of shares in oil companies across the world also helped stock markets to rise to their highest levels in four months. Goldman, which for some years have predicted that oil prices would rise strongly, upped its forecast for oil prices to an average of $141 a barrel in the second half of the year, up from its previous forecast for $107.

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