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Crude oil strikes record high price

Latest update : 2008-05-09

Crude oil struck a new record high price during trading in Asian hours on Friday. New York's main oil futures contract reached a record of 124.70 dollars a barrel.

Crude oil struck a new record high price during trading in Asian hours on Friday.

New York's main oil futures contract, light sweet crude for June delivery, reached a record of 124.70 dollars a barrel and was later trading 86 cents higher at 124.55 dollars a barrel.

The benchmark contract closed at a record 123.69 dollars on Thursday at the New York Mercantile Exchange and then soared in after-hours deals to the previous all-time high of 124.57 dollars.

Brent North Sea crude for June delivery was 85 cents higher at 123.69 dollars a barrel.

In London on Thursday the contract crossed 123 dollars for the first time and jumped to a new intraday peak of 123.87 dollars before settling at a record 122.84 dollars.

Oil prices have smashed one record after another in recent days, driven by a variety of factors including an influx of investor funds, analysts say.

Date created : 2008-05-09