NEW YORK - Oil surged $6 to over $128 a barrel on Thursday in the largest outright gain on record as signals the European Central Bank may raise interest rates this year pushed down the US dollar.
US crude traded up $6.08 to $128.38 a barrel after settling up $5.49 earlier at 127.79, erasing two days of sharp losses that had been triggered by worries high prices were starting to eat into global demand.
London Brent crude futures settled $5.44 higher at $127.54 a barrel, before trading up to $127.83 in post-settlement activity.
Oil prices have doubled in a year on growing Asian demand and as investors rushed into commodities as a hedge against the weak dollar and inflation, helping drive crude to a record $135 a barrel in May.
"The dollar had a reversal and that helped to support crude," said Tom Bentz, BNP Paribas Commodity Futures Inc.
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Oil posts record
One Response to “Oil posts record”
So what's going to happen to the dollar? Are we royally screwed? I mean, I heard that it bumping back up. But for how long? How long can we keep this going? Are we just going to let those who NEED oil just die out? Look at oilheat users, many live in areas, where their heat can only be provided by oil. Bujt there's a quick fix. Bioheat. A b5 blend of oil can reduce emissions, produce absolutely NO greenhouse gases, and it has the potential to conserve 400 MILLION gallons of oil. While working for NORA, I have realized how much we need to conserve. Check this sitwe out for more info: http://oilheatamerica.com/index.mv?screen=bioheat
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