Business | Oil & Gas
Oil rises above $131 after slide from record high
Oil rose on Friday, recovering from a strong bout of profit-taking in the previous session that pulled prices back more than 3 percent from the record high above $135 a barrel.
- Reuters
- Published: 08:41 May 23, 2008
Singapore: Oil rose on Friday, recovering from a strong bout of profit-taking in the previous session that pulled prices back more than 3 per cent from the record high above $135 a barrel.
US light crude for July delivery was up 44 cents at $131.25 a barrel on Friday after surging to $135.09 on Thursday.
London Brent crude was up 74 cents at $131.25.
Oil production from countries outside Opec is stagnating and the failure by non-Opec producers to increase oil output has helped drive oil prices up this year.
It has also sent long-term prices even higher at close to $150 a barrel, as concerns mount that supplies will not be enough to meet demand from developing countries.
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