Peak oil watch: another record high
May 9th, 2008Crude oil for June delivery climbed to $126.20 a barrel in electronic trading on the New York Mercantile Exchange. Oil has risen 7.6% this week. Prices have doubled in the last year.
Oil climbed to all-time highs for a fifth day as the euro strengthened on signs the European Central Bank will keep rates at a six-year high to cut inflation. Nigerian output fell to the lowest this decade in April because of a strike and attacks on oil installations.