Oil prices surge to new record - News in brief - Evening Standard
       

Oil prices surge to new record

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07 January 2008

Oil prices have shot up more than 10 US dollars to a new record above 138 dollars a barrel after a Morgan Stanley analyst predicted prices could hit 150 dollars by July 4.

Traders were also rattled by rising tensions in the Middle East.

The meteoric surge builds on a huge jump on Thursday and sets the stage for the biggest two-day gain in the history of the New York Mercantile Exchange. A further weakening of the dollar helped keep prices high.

Light, sweet crude for July delivery jumped as high as 138.36 dollars on the Nymex, before easing to 137.81 dollars, up 10.02 dollars.

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