Oil prices high as supplies run thin
OIL shot to a record high near $128 a barrel yesterday after Goldman Sachs, the most active investment bank in energy markets, forecast a continued spike in prices through the end of the year due to thin supplies.
The rally came as Opec kingpin Saudi Arabia rebuffed an appeal from US president George W Bush for more oil supplies to ease pressure on the US economy, already hard hit by a housing slump and credit crunch.
US crude rose to $126.62 a barrel after touching a peak of $127.82 earlier in the day. London Brent rose $2.48 to $125.11.
Oil prices have risen six-fold since 2002 and doubled since last year as rising demand from China and other developing nations outpaced new supply.
The full article contains 135 words and appears in The Scotsman newspaper.
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Last Updated:
16 May 2008 8:36 PM
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Source:
The Scotsman
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Location:
Edinburgh
