Oil prices rise to record-high USD 143

30th June 2008, Comments 0 comments

Oil prices rise to USD 143 on Monday, as French truckers protest at high fuel costs and block highways around Paris.

30 June 2008
LONDON - World oil prices rose to within touching distance of a record-high point of USD 143 on Monday, as French truckers protested at high fuel costs and energy leaders met to discuss soaring crude.

New York crude oil had hit an all-time record of USD 142.99 on Friday as the US currency remained weak. The ailing dollar has fuelled demand for oil, which is priced in dollars, from traders holding stronger currencies.

In early European trading on Monday, London's Brent crude struck a record high USD 143 a barrel, one cent above its previous high reached last Friday.

Brent North Sea oil for August delivery later stood at 142.60 dollars a barrel, a rise of 2.29 dollars from Friday's close.

Meanwhile, New York's main oil contract, light sweet crude for August delivery, jumped by USD 2.35 to USD 142.56 per barrel on Monday, after an intra-day peak of USD 142.94.

Crude futures have doubled in the past year, triggering fears over inflation and slower economic growth.

On Monday, high fuel prices sparked protests among hundreds of truckers across France, blocking main highways and snarling commuter traffic around Paris.

Leading figures in the oil world gather in Madrid on Monday for one of the industry's biggest events that will focus on the future of the sector at a time of unprecedented crude prices.

A week after failing to deflate the price of crude at a summit in Saudi Arabia, the world's biggest oil producers and consumers will get another chance during talks here to explore ways of calming tense global energy markets.

More than 3,000 delegates, including leading corporate and political figures, are attending the four-day World Petroleum Congress (WPC), which runs from Monday to Thursday after an official opening reception on Sunday.

[AFP / Expatica]

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