Oil Hits Record $135

Oil Soars To New Record
The price of oil hit a record high above $135 a barrel on Thursday - more than twice what it cost a year ago. The latest surge was driven by data showing that US supplies of crude had fallen - but the price later fell back sharply as traders took profits. In the US, the benchmark light, sweet crude contract hit $135.09, taking its gain for the year to more than 40%. In May 2007 it was priced at about $65.Higher oil prices push up the price of fuel, energy bills and food.