Business | Oil & Gas
Oil above $127 on weak dollar, geopolitics
Oil prices were above $127 a barrel on Monday, after Opec's president said the producer group would not call an early meeting and even at its September gathering was unlikely to boost supply as the world had enough oil.
- Agencies
- Published: 17:20 May 19, 2008
-
How to respond to oil price hikes
How to respond to oil price hikes
-
Iran will not increase oil output
Iran dismisses Saudi decision to boost oil output as 'political move'
-
Crude market reacts to self-fulfilling predictions
Crude market reacts to self-fulfilling predictions
London: Oil prices were above $127 a barrel on Monday, after Opec's president said the producer group would not call an early meeting and even at its September gathering was unlikely to boost supply as the world had enough oil.
US light crude for June delivery was up 77 cents at $127.06 a barrel by 9:00 a.m. EDT.
It closed at $126.29 a barrel on Friday after touching a record peak of $127.82 earlier that day after publication of a bullish price forecast from investment bank Goldman Sachs.
London Brent crude was up 53 cents at $125.52 a barrel.
Chakib Khelil, president of the Organisation of the Petroleum Exporting Countries, said oil markets were well supplied and blamed high prices on speculation, a weak dollar and geopolitical problems.
Share this article
Related Articles
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
