Business | Oil & Gas
Oil holds near record highs above $124
Oil held near record highs above $124 a barrel on Friday, as a surge in heating oil futures triggered heavy buying by investment funds.
- Reuters
- Published: 08:33 May 9, 2008
Tokyo: Oil held near record highs above $124 a barrel on Friday, as a surge in heating oil futures triggered heavy buying by investment funds.
US crude for June delivery rose 67 cents at $124.36 a barrel by on the Globex electronic trading platform. London Brent crude rose 77 cents to $123.61 per barrel.
"Lingering geopolitical fears and high heating oil prices are helping the market, but the speed of the rise is too fast," said Tatsou Kageyama, an analyst.
Gains in US crude picked up momentum after distillate stocks in the United States, including heating oil, fell.
World oil markets have enough supply now, but the Organization of the Petroleum Exporting Countries is willing to pump more if needed to keep pace with demand.
OPEC exports, excluding from Angola and Ecuador, will rise by 220,000 barrels per day in the four weeks to May 24 on Asian demand.
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