Oil Breaks Through $130 A Barrel

By: Associated Press Email
By: Associated Press Email

Bangkok, Thailand (AP) Crude oil gushed into record territory again today in asian trading, breaking above $130 a barrel for the first time.

Analysts say persistent supply concerns and a weaker dollar continue to push crude futures.

The July contract for light, sweet crude rose as high as $130.30 in electronic trade on the New York mercantile exchange by late afternoon in Singapore.

Concerns that OPEC won't increase its crude production before September fed some of the buying. Also, the dollar has been weakening against the Euro and Yen the last two days after appearing to be on a recovery track.

Oil futures are now selling for about twice what they were just a year ago


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